The reductions, amounting to about 6% of the workforce, will occur over the next two years. (Photo source: Unsplash) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Nestlé SA plans to cut 16,000 jobs as new Chief Executive Officer Philipp Navratil seeks to accelerate a turnaround at the Swiss foodmaker just weeks after taking over.

The reductions, amounting to about 6% of the workforce, will occur over the next two years, the maker of Nespresso coffee capsules and KitKat candy bars said Thursday. Nestlé raised its target for cost savings to 3 billion Swiss francs ($3.7 billion) by the end of 2027, from 2.5 billion francs.

“The world is changing, and Nestlé needs to change faster,” Navratil said in a statement Thursday. “This will include making hard but necessary decisio

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