Nestle CEO Mark Schneider will step down from his role after eight years at the helm, the Swiss food giant announced on Thursday. Schneider, who also serves as a board member, will officially relinquish his positions on September 1, according to a report by AFP.
"Leading Nestle for the past eight years has been an honor for me. I am grateful for what we have achieved, having transformed Nestle into a future-proofed, innovative and sustainable business," said Schneider in a statement.
Schneider, the former CEO of German healthcare firm Fresenius, became Nestle's first external hire for the top position in nearly 100 years when he took over in 2016. Since the beginning of 2017, Nestlé's stock has risen by 22 per cent, approximately half the increase seen by rival Unilever Plc over the same period.
Who is Laurent Freixe?
Laurent Freixe (62), currently head of Nestle's Latin America division, will succeed Schneider. Freixe, who joined the company in 1986, has had a longstanding career with Nestle, overseeing the company's European zone during the 2008 financial crisis. Since 2022, he has successfully led the Latin American region through challenging market conditions.
Nestle also announced that Freixe has been nominated as a candidate for the board of directors at its 2025 annual general meeting.
In recent developments, Nestle lowered its sales growth outlook for 2024 after slowing price increases in the first half of the year. The company, known for brands like Nespresso, Purina, and Haagen-Dazs, had recorded high sales growth in previous years as it raised prices to counter soaring inflation.
Nestle has faced scrutiny in recent years, including accusations from the Swiss NGO Public Eye over the marketing of baby food with high sugar content in low-income countries. Nestle denied these claims, asserting that it applies the same nutrition and health principles worldwide. The company also faced concerns over its Perrier brand after French authorities recommended stricter monitoring at its water extraction sites due to traces of contamination. Nestle responded by increasing monitoring efforts and reaffirming the safety of its water.
Chairman Paul Bulcke praised Freixe as the ideal candidate to lead Nestle into its next chapter. "Laurent is a talented leader with strategic acumen, extensive in-market experience, and a deep understanding of both markets and consumers," Bulcke said. Freixe will take over as Nestle CEO beginning September 1.