The investigation determined that Freixe had breached Nestlé’s Code of Business Conduct and he was dismissed.
The board ordered the investigation be overseen by chair Paul Bulcke and lead independent director Pablo Isla, with the support of independent outside counsel.
Philipp Navratil has been appointed as the new CEO in Freixe’s place. Freixe has been with Nestlé for the past 39 years and was named CEO in August of last year.
According to Reuters, Freixe will receive no exit package following his departure.
“This was a necessary decision,” Bulcke said.
“Nestlé’s values and governance are strong foundations of our company. I thank Laurent for his years of service at Nestlé.”
Navratil joined Nestlé in 2001 as an internal auditor as has risen through the ranks since. He joined the executive board on 1 January 2025.
“I am pleased to announce Philipp Navratil as CEO,” Bulcke added.
“Philipp is recognized for his impressive track record of achieving results in challenging environments. Renowned for his dynamic presence, he inspires teams and leads with a collaborative, inclusive management style. The Board is confident that he will drive our growth plans forward and accelerate efficiency efforts. We are not changing course on strategy and we will not lose pace on performance.”
Meanwhile, Navratil said he was honoured to have been offered the role.
“It is a privilege to take on the responsibility of leading Nestlé into the future,” he continued.
“I fully embrace the company’s strategic direction, as well as the action plan in place to drive Nestlé’s performance. I look forward to working closely with the entire leadership of the company, in alignment with the Board, Chairman Paul Bulcke, and Chairman-Designate Pablo Isla, to accelerate execution and to drive the value creation plan with intensity.”
