FX.co ★ Nestle CEO Mark Schneider Resigns; Names Laurent Freixe CEO

Nestlé SA, the renowned Swiss food and beverage conglomerate, has announced that Chief Executive Officer Mark Schneider will step down from his position. Laurent Freixe, currently the Executive Vice President and CEO of Zone Latin America, will take over as CEO effective September 1.

Schneider will be leaving his roles as CEO and as a member of the Board of Directors after over eight years with the company. Following the announcement, Nestlé's shares fell by approximately 1.2% in Swiss trading.

In an official statement, Nestlé revealed that Freixe has also been nominated as a candidate for the Board of Directors for the 2025 Annual General Meeting. Schneider's tenure as CEO was marked by significant strategic shifts, particularly in high-growth sectors such as coffee, pet care, and nutritional health products.

This leadership change occurs shortly after Nestlé revised its annual forecast for underlying earnings and organic sales growth. In late July, the company reported nearly stagnant profits and a 2.7% decline in sales for the first half of the fiscal year. Nestlé has adjusted its expectations for fiscal year 2024, projecting underlying earnings per share to rise at a mid-single-digit rate, down from the previously anticipated 6% to 10% growth. Organic sales growth is now expected to be at least 3%, compared to the earlier forecast of around 4%.

Schneider reflected on his time with the company, stating, "Leading Nestlé for the past 8 years has been an honor for me. I am grateful for what we have achieved, having transformed Nestlé into a future-proofed, innovative, and sustainable business."

Freixe, who started his career with Nestlé in France in 1986 and was named CEO Zone Latin America in 2022, brings extensive experience to his new role. He has been a member of the Executive Board for 16 years. Freixe commented, "There will always be challenges, but we have unparalleled strengths, such as iconic brands and products, an unmatched global presence, leading innovation and execution capabilities, and above all, exceptional people and teams. We can strategically position Nestlé to lead and win everywhere we operate."