Nestlé appoints the head of the Latin American area as CEO of the company

Photo of author

By LatAm Reports Staff Writers

This is Laurent Freixe, a French national.

The president of the board of directors of Nestlé justified this vierneis the surprise appointment of a new CEO on the eve for the need for “a change” in the company.

“I understand that this reshuffle may surprise many of you, but we have agreed that the time has come for a change,” Paul Bulcke explained in front of a group of investors.

The food giant named on ThursdayLaurent Freixe, of French nationality,to replace Mark Schneider, the company’s CEO since 2017.

“The Board of Directors of Nestlé has appointed Laurent Freixe, current CEO of the Latin American Zone (LATAM), as CEO of Nestlé S.A., effective September 1,” the Swiss group said in a statement.

Nestlé’s announcement camealmost a month after the group revised downwards its growth forecast for 2024,due to falling prices in the first half and pressure on consumers to buy cheaper products.

Nestle is also suffering the consequences of the scandal of illegal mineral water treatment in France and Switzerland, and the publication of a report by the Swiss NGO Public Eye on added sugar in children’s foods in low-income countries.

“What has changed so suddenly? The situations are different, and so are the necessary qualities,” Bulcke said.

“Mark Schneider has done a good job, but I think Laurent Freixe and his 38 years of experience in the group are perfectly aligned with strategy,” he said.

Freixe presented his strategy to investorsand aims to take advantage of “effective cost management” to invest, in particular to “support the brands” of the group, including Nespresso.

“Early organic growth and market share gains will be prioritized,” he said on Friday.

This article has been translated after first appearing in Diario El Mundo