Nestle, the world’s largest packaged food company, has announced the replacement of CEO Mark Schneider with company veteran Laurent Freixe, effective September 1.
The change in leadership came as the Swiss food group faces a challenge to grow sales, having recently cut its full-year sales outlook and slowed price hikes due to increasingly price-conscious customers.
Schneider, who led the company for eight years, oversaw a boom during the COVID-19 pandemic but struggled to regain momentum afterwards.
Under his leadership, Nestle’s shares hit an all-time high in January 2022 but have since declined, sharply underperforming rivals like Unilever and Danone.
Laurent Freixe, a 62-year-old Frenchman, joined Nestle in 1986 and has led various units, including the European business during the 2008 financial crisis and the Latin America business, which saw strong growth in recent years.
When asked about his strategy, Freixe told journalists, “I will put a lot of focus on the core. I won’t exclude, of course, M&A, but…the big message is focus on the core.”
He acknowledged that rebuilding market share and increasing sales volumes would take time in a tough market.
Jefferies analyst David Hayes said, “After an increasingly difficult year, it’s not a total surprise to see a CEO change.”
Freixe, a popular figure at Nestle’s HQ, has already started work in his new role, aiming to restore sales growth and regain investor confidence.
Nestle’s struggle to grow sales has been attributed to its reliance on price hikes, which have led to lost shopper loyalty.
Freixe’s focus on the core activities and potential M&A opportunities aims to address these challenges and drive growth for the company with over 2,000 brands.
Boluwatife Enome
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