Laurent Freixe Appointed CEO of Nestlé

Nestlé SA has announced the resignation of CEO Mark Schneider after eight years, with Laurent Freixe set to take over as CEO on September 1. Schneider, who transformed Nestlé's structure and focused on high-growth categories, cited no specific reasons for his departure despite the company's recent struggles with sales amid a cost-of-living crisis. Freixe, a veteran of the company since 1986, previously led Nestlé's Latin America division and is expected to drive innovation and sustainable growth. The transition reflects Nestlé's strategy of promoting from within, as Freixe is the first internal appointment since Schneider's external hiring in 2016. The company has faced challenges, including a recent cut to its sales outlook and an 8% drop in shares this year, while competitors like Unilever have performed better. Board members have expressed confidence in Freixe's ability to navigate the current market dynamics.