Nestle Removes CEO Over Relationship Violation
(MENAFN) Swiss food giant Nestle announced on Monday the dismissal of CEO Laurent Freixe following an inquiry into a previously undisclosed romantic involvement with a direct subordinate.
The corporation stated in an official release that Freixe's relationship contravened Nestle’s code of business conduct.
In Freixe’s place, Philipp Navratil has been appointed as the new chief executive officer.
Chairman Paul Bulcke commented, "This was a necessary decision.
Nestle's values and governance are strong foundations of our company. I thank Laurent for his years of service at Nestle."
Bulcke further expressed confidence that the company’s board believes the new CEO will advance growth initiatives and hasten efficiency measures.
Navratil, who began his career at Nestle in 2001 as an internal auditor, has held numerous leadership positions, including leading the Coffee Strategic Business Unit and overseeing Nespresso.
He joined the executive board in January.
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