Nestlé CEO Mark Schneider steps down; Laurent Freixe to succeed as new chief

Mark Schneider has resigned as CEO of Nestlé, with company veteran Laurent Freixe set to take over the role, the Swiss food giant announced on August 22. Schneider's departure ends an eight-year tenure during which he led Nestlé through significant transformations, including shifting from its long-standing category-based structure to a model featuring five geographic businesses in response to the COVID-19 pandemic and economic challenges, Reuters reported.

Despite a strong rebound post-pandemic, Nestlé has faced recent difficulties, including a reduced full-year sales forecast and the need to slow price increases due to growing price sensitivity among consumers, according to the Reuters report. While competitors like Unilever and Danone have managed to lower some prices and boost sales volumes, Nestlé has struggled to win back customer loyalty lost from pandemic-induced price hikes and the impacts of Russia's invasion of Ukraine.

Also Read | Nestle forecasts revenue slowdown as inflation eases

Laurent Freixe, whose appointment will take effect on September 1, has been with Nestlé since 1986 and brings extensive experience from various leadership roles, including managing Nestlé’s European operations during the 2008 financial crisis and leading its Americas and Latin America units more recently. Freixe has stated that his approach will emphasize a focus on core brands, though he remains open to mergers and acquisitions.