Nestlé CEO Laurent Freixe Dismissed Over Undisclosed Office Romance
Swiss food giant Nestlé has announced the immediate dismissal of its chief executive, Laurent Freixe, following revelations of a secret romantic relationship with a direct subordinate.
The company emphasized that the decision was necessary to uphold its corporate values and governance standards.
“This was a necessary decision. Nestlé’s values and governance are strong foundations of our company. I thank Laurent for his years of service,” the company statement read.
Laurent Freixe, a long-serving executive who joined Nestlé in France in 1986, had been CEO since September 2024. Prior to his promotion, he led Nestlé’s European operations and headed the Latin America division.
In the wake of his departure, Nestlé’s board appointed Philipp Navratil, currently CEO of Nespresso, as the new chief executive. Navratil, who joined Nestlé in 2001, has held multiple leadership roles in Central America, overseeing global strategy and innovation for the Nescafé and Starbucks brands before taking over Nespresso in July 2024.
Chairman Paul Bulcke expressed confidence in the new appointment, stating, “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.”
Nestlé reported a 10.3 percent drop in first-half profits in late July, attributing the decline to sluggish consumer spending in China despite passing on higher cocoa and coffee costs to customers. The company’s share price fell nearly 25 percent last year, causing concern among Swiss pension funds heavily invested in Nestlé.
Navratil pledged to maintain Nestlé’s strategic direction and continue implementing the ongoing value creation plan with determination. Headquartered in Vevey on Lake Geneva, Nestlé is renowned for brands including Nespresso, KitKat, Purina, Maggi, Gerber, and Nesquik.
