Freixe had an undisclosed romantic relationship with a direct subordinate, the Nestlé Board said
Nestlé has terminated Laurent Freixe as its CEO for an "undisclosed romantic relationship" with a direct subordinate.
Announcing the decision in a statement, the company's Board of Directors said Freixe's relationship violated the company's Code of Business Conduct.
"The departure of Laurent Freixe follows an investigation into an undisclosed romantic relationship with a direct subordinate which breached Nestlé's Code of Business Conduct," the statement said.
"This was a necessary decision. Nestlé's values and governance are strong foundations of our company. I thank Laurent for his years of service at Nestlé," said chairman Paul Bulcke in a statement.
The dismissal followed an investigation overseen by Bulcke, Lead Independent Director, Pablo Isla, with the support of independent outside counsel.
Freixe's termination comes a year after he took on the role CEO in September 2024. He first joined Nestlé in France in 1986 and has continuously progressed within the organisation, becoming the Executive Vice President and CEO Zone Latin America before his CEO stint.
Philipp Navratil appointed as next CEO
The company said Philipp Navratil will be stepping in as CEO after Freixe's departure.
"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," Bulcke said.
Navratil joined Nestlé in 2001 as an internal auditor, and has climbed the company's corporate ladder until he joined its Executive Board on January 1.
"Philipp is recognised for his impressive track record of achieving results in challenging environments," Bulcke said. "Renowned for his dynamic presence, he inspires teams and leads with a collaborative, inclusive management style."
Navratil said in a statement he is honoured to be Nestlé's next CEO.
"I fully embrace the company's strategic direction, as well as the action plan in place to drive Nestlé's performance," he said.
"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."
