financetom
Business
financetom
/
Business
/
Nestle CFO: complaints of favoritism triggered inquiry into CEO
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Nestle CFO: complaints of favoritism triggered inquiry into CEO
Sep 3, 2025 7:34 AM

ZURICH (Reuters) -Nestle received complaints in May of improper favoritism by ex-CEO Laurent Freixe along with reports he was in a romantic relationship with an employee, a senior company executive said on Wednesday, two days after Freixe was sacked.

Freixe was fired on Monday exactly a year after he took over due to an undisclosed relationship with a subordinate, plunging the Swiss food giant into turmoil.

Chief Financial Officer Anna Manz told an investor conference that the relationship between Freixe and the employee was examined in an internal investigation overseen by the board, although no evidence was found at that point.

"And it was at that point that Laurent also made a personal statement stating that there had been no such thing," Manz said, referring to the concerns about Freixe raised by whistleblowers.

Complaints continued to come in and Freixe's departure was sealed following a second investigation at the food giant which found that he had breached the company's code of conduct.

He was replaced by Philipp Navratil, who will bring a fresh perspective to the company, Manz said.

Manz said that Navratil's quick appointment would allow the company to maintain business momentum.

Nestle has been struggling since the term of Mark Schneider, the first outsider to lead Nestle since 1922. Critical analysts accused him of focusing too much on acquisitions and cutting spending on marketing and product development.

Schneider was axed in August 2024 when the board's patience snapped over the Vevey-based giant's poor post-pandemic recovery, triggering what has become one of the messiest managerial periods in the 159-year-old firm's history.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
VISION HEALTHCARE ACQUIRES SVENSKT AND NEW CARE, LEADING PROVIDERS OF HIGH-QUALITY SUPPLEMENTS IN SWEDEN AND THE NETHERLANDS
VISION HEALTHCARE ACQUIRES SVENSKT AND NEW CARE, LEADING PROVIDERS OF HIGH-QUALITY SUPPLEMENTS IN SWEDEN AND THE NETHERLANDS
Nov 20, 2025
NEW YORK, Nov. 20, 2025 /PRNewswire/ -- Vision Healthcare (Vision), a fast-growing European consumer healthcare platform, recently completed acquisitions of Svenskt Kosttillskott (Svenskt), a leading Swedish e-commerce player for health and nutrition products, and New Care Supplements BV (New Care), a Dutch health supplement brand. Vision is a portfolio company of Avista Healthcare Partners (Avista), a leading middle-market healthcare private equity...
ARIS MINING TO ACQUIRE REMAINING 49% OF SOTO NORTE, SECURING 100% OWNERSHIP AND ADVANCING A CLEAR PATH TO 1 Moz/year
ARIS MINING TO ACQUIRE REMAINING 49% OF SOTO NORTE, SECURING 100% OWNERSHIP AND ADVANCING A CLEAR PATH TO 1 Moz/year
Nov 20, 2025
VANCOUVER, BC, Nov. 20, 2025 /PRNewswire/ - Aris Mining Corporation ( ARMN ) (NYSE-A: ARMN) announces that it has entered into a binding term sheet to acquire the remaining 49% interest in the Soto Norte joint venture in Colombia from MDC Industry Holding Company LLC (Mubadala). The transaction includes the termination at closing of the associated precious metals stream previously granted...
Pinnacle Financial Corporation and Morris State Bancshares Jointly Announce Partnership to Form a Leading Georgia Community Bank
Pinnacle Financial Corporation and Morris State Bancshares Jointly Announce Partnership to Form a Leading Georgia Community Bank
Nov 20, 2025
ELBERTON, Ga. and DUBLIN, Ga., Nov. 20, 2025 (GLOBE NEWSWIRE) -- Pinnacle Financial Corporation (“Pinnacle”), the holding company for Pinnacle Bank, and Morris State Bancshares, Inc. ( MBLU ) (“Morris”) , the holding company for Morris Bank, jointly announced today a strategic combination of two of Georgia’s strongest community banks. Based upon each company’s financial condition as of September 30,...
Eaton CFO Olivier Leonetti to Depart in April
Eaton CFO Olivier Leonetti to Depart in April
Nov 20, 2025
07:56 AM EST, 11/20/2025 (MT Newswires) -- Eaton (ETN) said Thursday that Chief Financial Officer Olivier Leonetti will depart the company, effective April 1, 2026, as part of a planned transition. Leonetti will continue in his current role until a successor is appointed, Eaton said, adding that it has engaged an executive search firm to conduct an internal and external...
Copyright 2023-2026 - www.financetom.com All Rights Reserved