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Nestle’s chief executive Mark Schneider has stepped down after eight years at its helm, following a period of underperformance that has hit the company’s share price.
Schneider “has decided to relinquish his roles as CEO and member of the Board of Directors”, the company said on Thursday.
Schneider will be replaced by Laurent Freixe, Nestle’s executive vice-president and CEO in Latin America, who will begin in the role in September.
“Laurent is the perfect fit for Nestlé at this time. Under his leadership, Nestlé will further strengthen its position as a dependable, reliable company through consistent and sustainable value creation,” said chair Paul Bulcke.
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