Nestlé Shares Fall After CEO Ousted Over Workplace Relationship

Nestlé SA dismissed Chief Executive Officer Laurent Freixe after only a year due to an undisclosed workplace affair, extending the management turmoil at the world’s biggest food company that’s known for its conservative corporate culture. The shares fell.

An investigation showed that Freixe had an undisclosed romantic relationship with a direct subordinate that violated Nestlé’s code of conduct, according to a release late Monday from the Swiss owner of Purina pet supplies and KitKat chocolate bars. It named Philipp Navratil, who heads the Nespresso coffee brand, as his replacement.