Nestle CEO Mark Schneider to Leave — Update

By Helena Smolak

Nestle said its long-time Chief Executive, Mark Schneider, is leaving the company and appointed Laurent Freixe, a company veteran who most recently led its Latin American operations, as his successor.

After about eight years in the top role, Schneider decided to step down as CEO and board member and leave the company, Nestle said. He took the reins of the Swiss maker of KitKat chocolate bars and Nescafe coffee at the beginning of 2017 and oversaw a push into healthier foods.

The CEO change comes as the food-and-beverage giant and the industry as a whole look for ways to encourage consumers to keep spending as cash-strapped shoppers seek cheaper alternatives to branded products. Last month, Nestle cut its full-year sales guidance after it slowed the pace of price hikes, saying it was under pressure from increased promotional activity, among other factors.

Freixe said in a media call that he aims to expand market share and drive organic growth through a focus on core products, core platforms and a customer-oriented approach. Productivity and managing costs to achieve sustainable and profitable growth will be key, he said.

Freixe joined Nestle in France in 1986 and has been a member of its executive board for the past 16 years. He led the group's European business from 2008 to 2014, then became its Americas chief and has been CEO for Latin America since 2022.

"He has demonstrated his ability to deliver results in challenging market conditions," Nestle Chairman Paul Bulcke said.

Freixe's appointment will be effective from Sept. 1, the company said.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

August 22, 2024 13:27 ET (17:27 GMT)

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