Nestlé chief executive Mark Schneider is leaving the Swiss food group after eight years in charge and will be replaced by Latin America boss Laurent Freixe, the company said Thursday, August 22. Schneider "has decided to relinquish his roles as CEO and member of the Board of Directors," Nestlé said in a statement, adding that the move would be effective September 1.

"Leading Nestlé for the past 8 years has been an honor for me. I am grateful for what we have achieved, having transformed Nestlé into a future-proofed, innovative and sustainable business," Schneider said in the statement. Nestlé said Freixe has been nominated as a candidate for the board of directors at its 2025 annual general meeting.

Freixe, who joined Nestlé in France in 1986, "successfully managed: the company's European zone during the 2008 financial crisis and until 2014, the statement said. He was then named CEO of the Americas region being taking over at the newly created Latin America zone in in 2022, "where he has been successfully leading through challenging conditions."

'Perfect fit'

Nestlé, whose brands range from Nespresso coffee capsules to Purina dog food and Häagen-Dazs ice cream, lowered its sales growth outlook for 2024 last month as it slowed its price increases in the first half of the year. The global packaged-food giant and its rivals had logged high sales growth in the past three years as they raised prices to make up for higher costs due to soaring inflation.

The company has also faced controversy in recent years, with Swiss NGO Public Eye accusing Nestlé of selling baby food with high levels of added sugar in low-income countries but not in wealthier nations. Nestlé has counted that it had "no double standard" and applied the same nutrition and health principles everywhere.

It has also scrambled to ease any concerns over its Perrier brand after France's food safety watchdog recommended stricter monitoring of sites where Nestlé extracts mineral water following the discovery of traces of "faecal" contamination. The company has since said it has stepped up monitoring of the sites, and Schneider has said the group's water was safe to drink.

Nestlé said Thursday that Schneider "has actively shaped the company's portfolio, in line with Nestlé's strategy and with a focus on high-growth categories like coffee, pet care and nutritional health products." Nestlé chairman Paul Bulcke praised Freixe a "a talented leader with strategic acumen, extensive in-market experience and expertise as well as a deep understanding of markets and consumers."

"Laurent is the perfect fit for Nestlé at this time," Bulcke added.