Swiss food giant, Nestlé, has fired its Chief Executive Officer, Laurent Freixe, with immediate effect following an internal investigation into an undisclosed romantic relationship with a subordinate.
The company, known globally for brands such as Nespresso coffee and KitKat chocolate, confirmed the development in a statement on Monday, saying the decision was taken to uphold its governance principles and values.
“The departure of Laurent Freixe follows an investigation into an undisclosed romantic relationship with a direct subordinate which breached Nestlé’s code of business conduct,” the board stated.
In his place, Nestlé’s board appointed Philipp Navratil, the Chief Executive of Nespresso, as the new group CEO.
Board Chairman, Paul Bulcke, said the move was necessary to safeguard the company’s reputation.
“This was a necessary decision. Nestlé’s values and governance are strong foundations of our company. I thank Laurent for his years of service,” Bulcke said.
Freixe, who joined Nestlé in France in 1986, rose through the ranks to lead its European operations during the 2008 financial crisis and later headed the Latin America division. He was appointed group CEO in September 2024.
His one-year tenure was marked by efforts to revive consumer spending amid rising costs of cocoa and coffee as well as weak demand in China. In July, Nestlé reported a 10.3 per cent drop in first-half profits.
