There is a surprising change at the top of food giant Nestle: CEO Mark Schneider is stepping down after about eight years, leaving the Swiss company entirely. Laurent Freixe will take over on September 1.
Freixe currently leads the Latin American business and is expected to be elected to Nestlé’s board of directors in 2025. “He has demonstrated his ability to deliver results in difficult market conditions,” CEO Paul Bulcke said in a statement Thursday.
Schneider took over the top position at Nestle in January 2017. The former leader of medical technology group Fresenius restructured the food producer by selling weaker areas and acquiring stronger growth areas. “Mark has made a significant contribution to the great progress in our sustainability efforts,” Bulcke is convinced.
Sales growth of at least three percent expected
Nestle lowered its outlook in late July, now expecting sales growth of at least three percent (down from four) for the full year 2024. Consumers are increasingly paying attention to prices and there is fierce competition among retailers, Schneider said at the time. Temporary price cuts should stimulate demand for the products again.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
