Consumer
Nestle’s New CEO Kicks Off Overhaul to Reverse Sagging Growth
- Sales growth outlook for 2024 cut to 2% from 3% seen earlier
- New chief streamlines, centralizes senior management
This article is for subscribers only.
Nestle SA Chief Executive Officer Laurent Freixe is streamlining management at the world’s biggest foodmaker just six weeks into the job, as sales growth slows to the lowest in decades.
A 38-year company veteran, Freixe took over last month after the sudden ouster of Mark Schneider, who spent almost eight years at the top. Freixe’s first move was to recognize what some analysts had already foreseen, that the company’s growth target for this year was unrealistic.