Nestlé has surprisingly parted ways with its German boss, Mark Schneider. The new man has been given clear instructions.
Following the surprise resignation of Nestlé CEO Mark Schneider (58), the share price of the world’s largest food company has come under pressure. The share lost a good two percent in early trading in Switzerland on Friday.
After several disappointing quarters, the Board of Directors had previously announced Schneider’s resignation and appointed Frenchman Laurent Freixe (62) to head the company. “My focus is on organic growth,” said Freixe. He has worked at Nestlé since 1986, was most recently responsible for business in Latin America and is now expected to gain market share and improve performance.
Following the weak quarterly results, the share price slipped from more than 105 francs in September to less than 90 francs recently. Chairman of the Board of Directors Paul Bulcke did not want to confirm in a conference call with analysts that this was the reason for the change at the top of the company. Freixe said he wanted to invest in research and development, productivity and drive forward the digital transformation.
The German manager Schneider came to Nestlé in 2017 from the healthcare group Fresenius. “Mark has made a significant contribution to the great progress in our sustainability efforts,” Bulcke said when announcing his resignation. “We wish him all the best for his professional and personal future.”
Source: Stern
