Nestle CEO axed after probe into complaints of favouritism, CFO says

Written by John Reville

A senior executive official said on Wednesday, two days after Frexi’s dismissal, Zurich (Reuters) staff -a senior executive manager said on Wednesday, two days after Freixe was dismissed.

Freixe was launched due to an unannounced relationship with a subordinate, exactly a year after Mark Schneider’s replacement, the Swiss food giant drowned in disorders.

Financial Director Anna Manz said the relationship between Freixe and the employee, which was unnamed, was first examined in an internal investigation after the concerns that were raised through the Nestle internal reports system, called Speak Up.

“In May, we received the speaking through our internal channels on the pretext of a romantic relationship with an inappropriate employee and favoritism,” Manz told the Barclays investor conference.

She said that the matter was investigated by the Board of Directors, but no evidence was found.

“At that point, Laurent also made a personal statement stating that there was no such thing,”

Manz said complaints should still be submitted, which led to another broader investigation with the help of Swiss lawyers Bayer Warr.

She said: “This had sparked information that led to the administration, which believes that there was a breach of behavior and that they needed to work to change the CEO.”

Freixe, who denied the relationship during both investigations, was rejected on Monday after the board of directors, and will not receive a exit package.

It cannot be reached immediately for comment.

Investors and analysts described the 39 -year -old ancient warrior’s rejection of the 39 -year -old as a crisis of historical dimensions in Nestle, traditionally seen as a column of the Swiss Business Corporation.

“A strategic and studied leader”

Freixe is replaced by Nespresso Boss Philipp Navratil. Manz said he would attend a new perspective of the company.

Navratil, 49, spent 24 years in Nestle, especially in the field of coffee, and joined the Executive Council in January.

“He is a truly strategic and studied leader. He is also very pragmatic and focused in general,” Manz said.

Nestlé denied the reports of Manz’s appearance had been arranged in a hurry to submit the company side by the Freixe dismissal to investors. The company said that Freixe was to attend the conference with Manz before his dismissal.

The company, which was famous for Kitkat Chocolate and Nescafe Instant Coffee, has been struggling for the time of Schneider, the first stranger in 1922.

Some analysts have accused Schneider of focusing a lot on acquisitions and spending in vital areas.

Schneider was expelled in August 2024 after a slow recovery after birth, which led to what became one of the most administrative periods in the history of the 159 -year -old company.

Manz said that Navratil’s fast date was possible because the Nestle Council had already begun to plan the caliphate due to the fact that Freixe is 63 years old.

Manz said Navratil will be present for Nestle’s results in the third quarter on October 16, and it is likely to meet investors before that.

(Participated in the reports of John Reville; edited by Dave Graham and Emilia Citol-Matis)