Nestlé’s new boss has said he will slash 16,000 jobs in the next two years in the company’s first trading update since previous chief executive Laurent Freixe was sacked last month over an undisclosed romantic relationship.
The cuts, which amount to close to 6 per cent of the Nestlé’s total workforce, were announced by Philipp Navratil on Thursday as he set out his plan to boost sales, make bigger cost savings and focus on the company’s best-performing divisions.
Shares in the Swiss-listed company rose 7.8 per cent in early trading on Thursday as the company reported better than expected sales growth for the third quarter.
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