Nestlé recently announced the departure of CEO Mark Schneider on August 22nd. Appointed to the position in January 2017, Schneider has presided over rationalization of the company that employs 270,000 and has more than 2,000 brands sold in 188 nations. Under Schneider, the share price has risen 40 percent although recent financial performance has been lackluster with a net margin of 4.7 percent in 2023 on earnings of $5 billion with global sales of $109 billion.
Paul Bulcke, Chairman of the Nestlé Board, expressed gratitude to Schneider “for his significant contribution to the Company and for his outstanding, steady leadership in turbulent times”. It is recognized that Schneider was “instrumental in the great progress we have made in our sustainability agenda”. In departing, Schneider noted, “Leading Nestlé for the past eight years has been an honor for me and I am grateful for what we have achieved having transformed Nestlé into a future-proofed innovative and stable business.”
The Board has appointed Laurent Freixe as the next CEO. He is a company veteran, having joined in 1986, and served 16 years as a member of the Executive Board. He was responsible for a number of global corporate initiatives and most recently was the CEO of the Latin America segment.
Nestlé has extensive market share in brands familiar to U.S. consumers including Nespresso™, KitKat™ and Purina One™ with a portfolio including ice cream, healthcare, food service, cereals, bottled water and frozen foods.