The world’s largest packaged food company, Nestlé , has just announced plans to slash a jaw-dropping 16,000 jobs in the near future.

New Nestlé CEO Philipp Navratil wasted no time making big changes after stepping into the role. Over the next two years, the company plans to cut 16,000 jobs — a move expected to save roughly $3.7 billion.

According to Yahoo Finance , Nestlé has also raised its cost-savings goal to 3 billion Swiss francs (about $3.7 billion USD) by the end of 2027, up from a previous target of 2.5 billion francs.

Fox Business reports that Navratil has been on the job for just one month and is already taking drastic steps to get the company back on track and keep shareholders happy.

Navratil stepped into the role after former CEO Laurent Freixe was ousted withou

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