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NES.N-CH

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Nestle has abruptly dismissed its CEO Laurent Freixe for failing to disclose a romantic relationship with a subordinate, the Swiss food giant said on Monday, a dramatic removal a year after he took the reins.

The maker of products ranging from KitKat to Nesquik said that it had appointed veteran insider Philipp Navratil, who had headed the Nespresso coffee unit, as Freixe's successor with immediate effect.

The shock departure threatens more volatility for Nestle amid a tough consumer environment and the global threat of trade tariffs. The firm announced in June that long-standing Chairman Paul Bulcke would stand down next year.

Nestle said Freixe's departure follows an investigation overseen by Bulcke

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