Swiss food giant Nestlé has announced the immediate dismissal of its Chief Executive Officer, Laurent Freixe, over an “undisclosed romantic relationship with a direct subordinate,” News360 Nigeria reports.
The company, known globally for brands such as Nespresso and KitKat, said the decision followed an internal investigation into the matter.
In a swift replacement move, the board appointed Philipp Navratil, the current CEO of Nespresso, as Freixe’s successor.
“The departure of Laurent Freixe follows an investigation into an undisclosed romantic relationship with a direct subordinate which breached Nestle’s code of business conduct,” a statement said.
The board said it had ordered an investigation overseen by chairman Paul Bulcke and lead independent director Pablo Isla, with the support of outside counsel.
“This was a necessary decision. Nestle’s values and governance are strong foundations of our company. I thank Laurent for his years of service,” Bulcke said in a statement.
A company veteran, Freixe joined Nestle in France in 1986. He ran the firm’s European operations until 2014, steering them through the subprime and euro crises that began in 2008.
He headed the Latin America division before his promotion as CEO.
Freixe had only been in the top spot since a surprise switch in September 2024, entrusted with reversing soft spending by consumers for the company’s food and household goods.
Nestle’s share price slumped by nearly a quarter last year, raising concerns in Switzerland, where pension funds invest heavily in the company, whose brands also include Purina dog food, Maggi bouillon cubes, Gerber baby food and Nesquik chocolate-flavoured drinks.
Nestle shares closed up 0.13 per cent at 75.49 Swiss francs on the Swiss stock exchange.
