(Bloomberg) -- The abrupt replacement of Nestle SA's chief executive officer was prompted by worries over the food and beverage company's growth outlook, Chairman Paul Bulcke told Swiss newspaper Le Temps.
“We looked at the market share development and asked ourselves whether the group's growth engine and operational execution were still working perfectly,” Bulcke said in an interview published on Saturday. “There were difficult times with Covid, geopolitical issues, inflation. We had to act quickly.”
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Vevey, Switzerland, based Nestle, maker of products from bottled water and coffee to ice cream to pet food, announced on Thursday that Mark Schneider would make way after eight years as CEO for company veteran Laurent Freixe, after the firm's recent performance raised questions over profitability targets.
Bulcke didn't address the firm's guidance, currently set at an underlying operating margin of at least 17.5% for 2025.
Bulcke said there's “no major restructuring” planned as a result of the leadership change.
“The focus will be mainly on stimulating the current portfolio and organic growth,” he said. “Mergers and acquisitions are there to complement a strategy to strengthen our portfolio and are not the heart of the strategy.”
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