Nestlé ousts CEO over undisclosed relationship

Nestlé dismissed CEO Laurent Freixe with immediate effect following an investigation into an undisclosed romantic relationship with a direct subordinate which breached the company's Code of Business Conduct.

Chairman Paul Bulcke and lead independent director Pablo Isla, with the support of independent outside counsel, oversaw the investigation.

Bulcke stated: "This was a necessary decision. Nestlé's values and governance are strong foundations of our company. I thank Laurent for his years of service at Nestlé."

Announcing the appointment of Philipp Navratil as the new CEO, Bulcke added: "Philipp is recognized for his impressive track record of achieving results in challenging environments. Renowned for his dynamic presence, he inspires teams and leads with a collaborative, inclusive management style. The Board is confident that he will drive our growth plans forward and accelerate efficiency efforts. We are not changing course on strategy and we will not lose pace on performance."

Navratil said: "I am honored by the trust the Board has placed in me, and it is a privilege to take on the responsibility of leading Nestlé into the future. I fully embrace the company's strategic direction, as well as the action plan in place to drive Nestlé's performance." 

"I look forward to working closely with the entire leadership of the company, in alignment with the Board, Chairman Paul Bulcke, and Chairman-Designate Pablo Isla, to accelerate execution and to drive the value creation plan with intensity," he added.