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Freixe, who had been CEO for a year, will be replaced by Philipp
Navratil, a longtime Nestlé executive.
“This was a necessary decision,” said Chairman Paul Bulcke.
“Nestlé’s values and governance are strong foundations of our
company.”
The company didn't give any other details about the
investigation.
Freixe had been with Nestlé since 1986, holding roles around the
world. When Nestlé revamped its geographic structure in January
2022, Freixe became CEO of Zone Latin America. In August 2024,
he was tapped to replace then-CEO Mark Schneider in the top
role, and started Sept. 1, 2024.
Navratil started his career with Nestlé in 2001 as an internal
auditor and served in a variety of roles in Central America. In
2020, he joined Nestlé’s Coffee Strategic Business Unit, and in
2024, he became CEO of Nestlé's Nespresso division.
It's the latest in a string of personnel changes for the
company. In June, Bulcke, a former CEO who has been chairman of
the board since 2017, said he wouldn't stand for reelection in
2026. And in April, Steve Presley, an executive vice president
and CEO of Zone Americas, said he was retiring after almost 30
years of service.
Based in Vevey, Switzerland, Nestlé has been facing headwinds
like other food makers, including rising commodity costs and the
negative impact of tariffs. It said in July it offset higher
coffee and cocoa-related costs with price increases.
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