Nestle CEO Schneider to step down after eight years at helm

Nestle CEO Schneider to step down after eight years at helm

/ 09:14 AM August 23, 2024

Nestle CEO Schneider to step down after eight years at helm

A picture taken on March 4, 2024 shows a sign of Swiss food giant Nestle on their Swiss headquarters in La Tour-de-Peilz, near Vevey. (Photo by Fabrice COFFRINI / AFP)

Geneva, Switzerland — Nestle chief executive Mark Schneider is leaving the Swiss food group after eight years in charge and will be replaced by Latin America boss Laurent Freixe, the company said Thursday.

Schneider “has decided to relinquish his roles as CEO and member of the Board of Directors”, Nestle said in a statement, adding that the move would be effective from September 1.

Article continues after this advertisement

“Leading Nestle for the past 8 years has been an honor for me. I am grateful for what we have achieved, having transformed Nestle into a future-proofed, innovative and sustainable business,” Schneider said in the statement.

FEATURED STORIES

READ: Familiar brew: Nestlé, DA perk up homegrown coffee with ‘agripreneurs’

Freixe, who joined Nestle in France in 1986, “successfully managed” the company’s European zone during the 2008 financial crisis and until 2014, the statement said.

Article continues after this advertisement

He was then named CEO of the Americas region before taking over at the newly created Latin America zone in 2022, “where he has been successfully leading through challenging conditions”.

Article continues after this advertisement

Nestle said Freixe has been nominated as a candidate for the board of directors at its 2025 annual general meeting.

Article continues after this advertisement

‘Perfect fit’

Nestle, whose brands range from Nespresso coffee capsules to Purina dog food and Haagen-Dazs ice cream, lowered its sales growth outlook for 2024 last month as it slowed its price increases in the first half of the year.

The global packaged-food giant and its rivals had logged high sales growth in the past three years as they raised prices to make up for higher costs due to soaring inflation.

Article continues after this advertisement

The company has also faced controversy in recent years, with Swiss NGO Public Eye accusing Nestle of selling baby food with high levels of added sugar in low-income countries but not in wealthier nations.

READ: 16,000 runners join Milo Marathon Cebu leg this Sunday

Nestle has countered that it had “no double standard” and applied the same nutrition and health principles everywhere.

It has also scrambled to ease any concerns over its Perrier brand after France’s food safety watchdog recommended stricter monitoring of sites where Nestle extracts mineral water following the discovery of traces of “faecal” contamination.

The company has since said it has stepped up monitoring of the sites, and Schneider has said the group’s water was safe to drink.

Freixe acknowledged that “there will always be challenges” but expressed confidence in Nestle’s ability to “lead and win everywhere we operate”.

Nestle said Thursday that Schneider “has actively shaped the company’s portfolio, in line with Nestle’s strategy and with a focus on high-growth categories like coffee, pet care and nutritional health products”.

Nestle chairman Paul Bulcke praised Freixe as “a talented leader with strategic acumen, extensive in-market experience and expertise as well as a deep understanding of markets and consumers”.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

“Laurent is the perfect fit for Nestle at this time,” Bulcke added.

TAGS: CEO, Nestle

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.