Mark Schneider will step down after eight years as CEO of Nestle, with Laurent Freixe, currently the chief of Latin America, set to take over on September 1.
Nestle announced on Thursday (August 22) that it is replacing chief executive Mark Schneider with veteran executive Laurent Freixe, marking a significant shift for Nestle , which has faced challenges due to the cost of living crisis affecting consumers.
Nestle stated that Schneider has chosen to step down from his positions as CEO and Board of Directors member after eight years at the helm of the company.
Nestle has encountered difficulties lately, including a lowered sales forecast and the necessity to curb price increases. During Schneider's tenure, Nestle's stock reached its highest point in January 2022 but has since fallen.
Freixe, who has been with Nestle since 1986 and has managed its European and Americas divisions, most recently led the Latin American operations, where he achieved significant growth.
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