Nestle SA chief executive officer (CEO) Mark Schneider has stepped down after around eight years to be replaced by FMCG company’s veteran Laurent Freixe at the top spot. The change in the management comes as the world’s biggest food group struggles to increase their sales and attract customers towards it branded products amidst the growing inflation.
Frexie is currently serving as the company’s executive vice president and CEO for the Latin American region. Nestle issued a statement on Thursday, stating that Frexie, who is a long time Swiss company veteran, will be taking over as CEO from September 1 onwards.
After leading the food company for years, Schneider has decided to step down as CEO and board member. He moved the firm away from its decades old category led structure post the COVID-19 pandemic, and created five geographic businesses to steer it through a cost-of-living crisis.
The company registered a strong performance post pandemic, however, it has been struggling recently.
“Leading Nestle for the past eight years has been an honor for me. I am grateful for what we have achieved, having transformed Nestle into a future- proofed, innovative and sustainable business,” said Schneider in a statement.
