The maker of products ranging from KitKat to Nesquik said that it had appointed veteran insider Philipp Navratil, who had headed the Nespresso coffee unit, as Freixe’s successor with immediate effect.
Nestle said Freixe’s departure follows an investigation overseen by Chairman Paul Bulcke and Lead Independent Director Pablo Isla into an undisclosed romantic relationship with a direct subordinate, which breached the company’s code of business conduct.
The firm announced in June that Bulcke, its long-standing chairman, would stand down next year.
As the concerns persisted, the company launched a second probe, overseen by Bulcke and Isla and with the help of an external firm, which confirmed the relationship. Freixe had initially denied the relationship to the board, the spokesperson added.
The CEO’s abrupt removal comes exactly one year after Nestle ousted his predecessor Mark Schneider, raising questions on its next course of action even though the company said it would not change course on strategy and targets.
Nestle shares have fallen 17% over the past year, lagging its rivals and the broader market.
Top management’s conduct has come under intense scrutiny, particularly in the United States. Kohl’s fired CEO Ashley Buchanan in May after an investigation found he had pushed for deals with a vendor with whom he had a personal relationship, after little more than 100 days in the position.
Astronomer CEO Andy Byron resigned in July after being caught on camera embracing a staffer at a Coldplay concert.
He assumed leadership of the coffee and beverage business in Mexico in 2013, and transitioned to Nestle’s Coffee strategic business unit in 2020.
He moved to Nespresso in July 2024, and joined the Nestle executive board on January 1 this year. - Reuters
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