Laurent Freixe Named New Nestle CEO

Nestle is replacing its CEO Mark Schneider with Laurent Freixe, effective September 1, amidst recent struggles with sales and consumer price sensitivity. Schneider, who led the company for eight years and was Nestle's first external CEO hire in nearly a century, decided to step down as the company faced challenges post-pandemic and from the Ukraine crisis. Freixe, a company veteran since 1986, has held various significant roles, including CEO of Zone Americas and Zone Latin America, and is seen as a stabilizing figure familiar with Nestle's operations and culture. Nestle's shares have fallen 8% in 2024, underperforming rivals like Unilever, which saw a 29% increase. Freixe plans to focus on core brands while not excluding mergers and acquisitions, aiming to regain consumer loyalty and stabilize sales. Analysts view Freixe's appointment positively, highlighting his deep knowledge of the company and market conditions.