Nestle replaces CEO Schneider amid recent struggles

Nestle is announcing a leadership change as Laurent Freixe will replace Mark Schneider as Chief Executive. Schneider, who has been leading the company for eight years, has decided to step down from his roles. This decision comes at a challenging time for Nestle, as they have been grappling with the impact of the cost of living crisis on their customers. Last month, Nestle lowered its full-year sales outlook due to the need to slow down price hikes. The company’s shares have declined by 8% this year. Freixe, a long-serving executive, will assume the CEO role starting September 1. This change signifies a return to Nestle’s usual practice of promoting internal talent to key positions. Schneider was the first external hire for the top job in almost a century when he took on the role in 2016.