Nestle Announces CEO Transition to Laurent Freixe

Nestlé CEO Mark Schneider is stepping down after nearly eight years, with company veteran Laurent Freixe set to take over on September 1. Schneider's unexpected departure comes as Nestlé faces declining sales and investor confidence, with shares dropping nearly 3% in premarket trading. Freixe, who has been with Nestlé since 1986 and recently led its Latin American division, is expected to refocus the company on sales and marketing amid increasing competition and price sensitivity among consumers. The company has lowered its sales growth outlook for 2024, further impacting stock prices. Schneider's tenure saw significant restructuring and a push for sustainability, but recent price increases have led to decreased sales volumes. Freixe aims to revitalize Nestlé's market position while navigating a challenging economic landscape.