Nestlé SA has announced that its CEO, Mark Schneider, will step down after nearly eight years at the helm. Schneider, who also served on the board, will be succeeded by company veteran Laurent Freixe on September 1. This leadership transition comes as the global food giant faces challenges in boosting sales and retaining consumer interest amid ongoing inflationary pressures.
Schneider, 58, played a pivotal role in reshaping Nestlé's business structure during his tenure. Following the COVID-19 pandemic, he moved the company away from its traditional category-led approach, introducing five geographically focused businesses to better navigate economic challenges such as the current cost-of-living crisis. Despite an initial post-pandemic recovery, Nestlé has recently struggled, prompting the company to lower its sales growth forecast for 2024.
Freixe, 62, brings over four decades of experience with Nestlé to his new role as CEO. Having joined the company in France in 1986, he has held various key positions, including managing the European business during the 2008 financial crisis and leading the Americas unit.
Most recently, Freixe has been overseeing Nestlé's operations in Latin America since 2022. He expressed his commitment to continuing Nestlé's legacy and driving its growth in the years ahead.
