Nestlé announced that chief executive Mark Schneider was stepping down, and will be succeeded by company veteran Laurent Freixe, following a period of underperformance at the world’s largest food manufacturer.
Schneider, who has been chief executive for eight years, “has decided to relinquish his roles as CEO and member of the board of directors”, Nestlé said on Thursday.
Freixe, Nestlé’s executive vice-president and head of its Latin America business, who has worked at the Swiss multinational for almost 40 years, will begin his new role on September 1.
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