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.