Consumer
Nestle CEO’s Surprise Exit Spurs Doubts Over Profitability Goal
- Mark Schneider to depart after eight years in charge at Nestle
- Freixe, currently Latin America chief, takes over on Sept. 1
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Nestle SA Chief Executive Officer Mark Schneider’s unexpected exit raised concerns among investors about the outlook for profitability at the world’s largest food company, as it struggles to win back inflation-weary customers to premium brands.
After eight years as CEO of the Swiss maker of Nespresso coffee and Purina pet foods, Schneider will be replaced by Latin America chief Laurent Freixe, Nestle said late Thursday.