Who Is Laurent Freixe, Nestle CEO Fired Over Undisclosed Romance?
Nestle confirmed that he will not receive an exit package, according to a release late Monday.
Nestlé SA dismissed Chief Executive Officer Laurent Freixe on Monday after only a year due to an undisclosed workplace affair. The company named Philipp Navratil, who heads the Nespresso coffee brand, as his replacement.
The Swiss food giant, which makes Kit Kat chocolate bars and Nespresso coffee capsules, said Laurent Freixe had been dismissed with "immediate effect" following an investigation led by Nestle's chair and lead independent director. An investigation showed that Freixe had an undisclosed romantic relationship with a direct subordinate that violated Nestlé’s code of conduct.
Nestle further confirmed that he will not receive an exit package, according to a release late Monday.
Who Is Laurent Freixe?
Born in 1962, Freixe grew up in Paris. He earned an MBA with a focus on marketing from EDHEC Business School in Lille in 1985.
Freixe joined Nestlé in 1986 and went on to hold leadership roles across the world. When Nestlé revamped its geographic structure in January 2022, he was appointed CEO of Zone Latin America.
Freixe spent nearly 40 years at Nestle, but he took over the CEO role exactly one year ago last September, after Nestlé ousted his predecessor, Mark Schneider, following sluggish performance during his nearly eight-year tenure. At the time, Freixe was seen as a safe pair of hands who would restore Nestlé’s traditional strengths after Schneider — a rare outsider in the top job — had taken the company in new directions.
As CEO, Freixe focused on reigniting growth and reconnecting with consumers by increasing advertising spending and betting on fewer but bigger product initiatives. He also kicked off a strategic review of struggling vitamin brands and spun off Nestlé’s waters business into a standalone unit. However, as per Bloomberg report, he failed to regain investors’ trust, with Nestlé shares declining 17% under his tenure, compared with a roughly 5% decline for rival Unilever Plc.
Outside Nestlé, Freixe serves as a board member of Cereal Partners Worldwide and Consumer Goods Forum (CGF), Manufacturer College, among others. He is also a member at IMD Foundation Board.
