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The chairman of the company said- Nestle’s values and rules matter a lot to us. I thank Laurent for his years of service.
FMCG company Nestle has fired its Chief Executive Officer (CEO) Laurent Frax. This action has been taken for a romantic relationship with his own subordinate on Frex.
Giving information about this in a news release on Monday, the company said that they did not even inform the company about this relationship, which is a violation of the rules. Instead of Frex, the company has appointed Senior Vice President and Nestle’s Coffee Strategic Business Unit’s Head Philip Navratri new CEO.
The company said- this action was necessary
Nestle said the decision to remove Frex was taken after an investigation, which revealed that he had a romantic relationship with his direct subordinate (PA). The investigation was seen by the company’s chairman Paul Bulke and lead independent director Pablo Isla, in which the help of outside lawyers was also taken.
Paul Balka said, ‘This decision was necessary. The value and rules of Nestle matters a lot to us. I thank Laurent for his years of service.
Laurent Frax was working in the company for 40 years
Laurent Frax was made the Chief Executive last year, when Nestle’s stock fell nearly 40% compared to the early 2022. At that time, people’s food habits were changing due to weight-loss drugs in Europe and America. Frex worked for nearly 40 years in the company and replaced Mark Schneider.
The new CEO said- I will support the work of the company
The new Chief Executive Philip Navratil has taken over with immediate effect. He started as an internal auditor in Nestle in 2001 and became the Country Manager of Nestle Honduras in 2009.
In 2013, he handled the company’s coffee and beverages business in Mexico. Last year, he became the Chief Executive of the Nestle Nesspresso and joined the Executive Board of the company this year.
Navratil said, “I fully support the company’s plan to improve strategic direction and performance.”
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