Another Astronomer-like scandal in making? Nestlé CEO sacked over undisclosed romantic relationship with 'subordinate'
&imwidth=600&imheight=450&format=webp&quality=medium "Another Astronomer-like scandal in making? Nestlé CEO sacked over undisclosed romantic relationship with 'subordinate'")
File photo of Laurent Freixe. Photograph: (X)
Swiss food giant Nestlé announced that an internal investigation would be conducted under the supervision of chairman Paul Bulcke and lead independent director Pablo Isla, with the assistance of external legal advisors.
Swiss food giant Nestlé said on Monday that it has fired Laurent Freixe as chief executive with immediate effect over a code of conduct violation after he couldn't disclose a romantic relationship with a direct subordinate. Following his dismissal, the multinational behind Nespresso coffee capsules and KitKat chocolate bars launched an investigation.
In a rapid development, Nespresso CEO Philipp Navratil was named Nestlé’s new CEO by the board, according to a report by news agency AFP. "The departure of Laurent Freixe follows an investigation into an undisclosed romantic relationship with a direct subordinate which breached Nestlé's code of business conduct," a statement said.
The company announced that an internal investigation would be conducted under the supervision of chairman Paul Bulcke and lead independent director Pablo Isla, with the assistance of external legal advisors. "This was a necessary decision. Nestlé's values and governance are strong foundations of our company. I thank Laurent for his years of service," Bulcke said in a statement.
Laurent Freixe's journey to CEO
Freixe, a company veteran who joined Nestlé in France in 1986, led the European operations until 2014, steering them through the subprime and euro crises that began in 2008. Before his promotion to CEO, he also headed the Latin America division.
He holds the apex post following his surprise switch in September 2024, tasked with stemming the tide of lower consumer spending on the company's food and household goods.
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Meanwhile, after the share price of Nestle dipped by nearly a quarter last year, it has raised concerns in Switzerland as pension funds invest heavily in the company, whose brands also include Purina dog food, Maggi bouillon cubes, Gerber baby food and Nesquik chocolate-flavoured drinks.
In addition, Nestle shares closed up 0.13 per cent at 75.49 Swiss francs on the Swiss Stock Exchange.
