Nestlé, the world’s largest food company, has fired its chief executive, Laurent Freixe, for breaching its code of conduct by having an undisclosed romantic relationship with a subordinate.
The Swiss conglomerate announced Mr Freixe’s dismissal on Monday, naming longtime executive Philipp Navratil as his replacement.
“The dismissal of Laurent Freixe with immediate effect,” Nestlé said, “follows an investigation into an undisclosed romantic relationship with a direct subordinate which breached Nestlé’s Code of Business Conduct.”
It added that, before Mr. Freixe’s dismissal, “Board ordered an investigation overseen by Chairman Paul Bulcke and Lead Independent Director, Pablo Isla, with the support of independent outside counsel.”
Chairman Paul Bulcke said in a statement that dismissing Mr Freixe was necessary.
“Nestlé’s values and governance are strong foundations of our company,” stated Mr Bulcke.
A new CEO has been named.
“I am pleased to announce Philipp Navratil as CEO. Philipp is recognized for his impressive track record of achieving results in challenging environments,” said Mr Bulcke. “Renowned for his dynamic presence, he inspires teams and leads with a collaborative, inclusive management style.”
Nestlé’s new CEO, Mr Navratil, began his career with the company in 2001 as an internal auditor.
