Nestlé has dismissed CEO Laurent Freixe following an internal investigation that uncovered an undisclosed romantic relationship with a subordinate, breaching the company’s code of conduct, Reuters reported .

The decision, according to Fox Business , was made after a probe led by Chairman Paul Bulcke and independent director Pablo Isla, with external legal counsel, confirmed the violation. Freixe, who took the helm in September 2024, is departing without an exit package.

Philipp Navratil, who joined the company in 2001 and most recently led the Nespresso division, has been appointed as the new CEO.

Nestlé has faced declining sales and a drop in stock value over the past five years, which Reuters attributed to factors like trade tariffs and a strong Swiss franc.

According to the Wa

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