‘Barron’s Roundtable’ panelists Andrew Bary, Megan Leonhardt and Ben Levisohn discuss the bond market, Hormel Foods and Nestlé.
Nestlé S.A., based in Switzerland, has appointed a new CEO after its former leader was ousted over an inappropriate workplace relationship less than a year into the role.
The company said Laurent Freixe was removed following an investigation into a romantic relationship with a direct subordinate that violated Nestlé’s Code of Business Conduct. Freixe is leaving the company without an exit package.
Chairman Paul Bulcke and Lead Independent Director Pablo Isla oversaw the investigation.
“This was a necessary decision. Nestlé’s values and governance are strong foundations of our company,” Bulcke said. “I thank Laurent for his years of service at Nestlé.”
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Former CEO Laurent Freixe attends a general shareholders meeting of Swiss food giant Nestle in Ecublens, near Lausanne, on April 16, 2025. (GABRIEL MONNET/AFP via Getty Images / Getty Images)
In the same statement, Bulcke said Philipp Navratil would take over as CEO.
“Philipp is recognized for his impressive track record of achieving results in challenging environments,” Bulcke said. “Renowned for his dynamic presence, he inspires teams and leads with a collaborative, inclusive management style.
“The Board is confident that he will drive our growth plans forward and accelerate efficiency efforts,” he added. “We are not changing course on strategy, and we will not lose pace on performance.”
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A picture taken on November 20, 2024 shows a sign of Swiss food giant Nestle on their headquarters in Vevey, western Switzerland. Nestle slid two percent on November 19, 2024, after new chief executive Laurent Freixe announced a plan to slash costs a (FABRICE COFFRINI/AFP via Getty Images / Getty Images)
Navratil began his career at Nestlé in 2001 as an auditor for the company behind brands like Nespresso, Perrier, San Pellegrino and Gerber.
He later held several roles in Central America, including Country Manager for Nestlé Honduras in 2009.
Four years later, he led Nestlé’s coffee and beverage business in Mexico, bolstering the Nescafé brand.
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SAN FRANCISCO – FEBRUARY 23: Bags of Nestle Toll House chocolate chips are seen on a store shelf February 23, 2006 in San Francisco, California. Profit for Nestle, the world’s biggest food and beverage company, rose $6.1 billion or 21 percent in 2005 ( Justin Sullivan/Getty Images / Getty Images)
The company noted that in 2020, Navratil moved into Nestlé’s Coffee Strategic Business Unit where he was in charge of shaping the brand’s global strategy.
In July 2024, he began working with the Nespresso brand, and in January 2025, he joined the Nestlé Executive Board.
“I am honored by the trust the Board has placed in me, and it is a privilege to take on the responsibility of leading Nestlé into the future,” he said. “I fully embrace the company’s strategic direction, as well as the action plan in place to drive Nestlé’s performance.
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“I look forward to working closely with the entire leadership of the company, in alignment with the Board, Chairman Paul Bulcke, and Chairman-Designate Pablo Isla, to accelerate execution and to drive the value creation plan with intensity,” Navratil added.
