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Reuters

Nestle dismisses CEO after romantic relationship with subordinate

Reuters · New
Reuters
Reuters
New

Nestle has abruptly dismissed its CEO Laurent Freixe for failing to disclose a romantic relationship with a subordinate, the Swiss food giant said on Monday, a dramatic removal a year after he took the reins.

Breakdown
  • Laurent Frex was dismissed as Nestle CEO for not disclosing a romantic relationship with a subordinate.
  • Concerns about the relationship were raised via an internal hotline, leading to an investigation.
  • The first investigation was inconclusive, but a second probe confirmed the relationship.
  • Frex had initially denied the relationship to the board.
  • Philip Navarato has been appointed as the new CEO, and Nestle's shares have fallen 17% over the past year.
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