ZURICH — Nestle is replacing chief executive Mark Schneider with long-serving executive Laurent Freixe, the company said on Thursday, a big change at the world's biggest foodmaker which has struggled with the cost of living crisis hitting customers.Schneider has decided to relinquish his roles as CEO and member of the Board of Directors after eight years leading the company, Nestle said.
Shares at the maker of KitKat chocolate bars and Nestle instant coffee have fallen 8% in 2024, underperforming rivals like Unilever which have gained 29%.Freixe joined Nestle in 1986, and has been on the Swiss company's executive board for 16 years. In his most recent role he was CEO of Zone Americas."A veteran, knowing Nestlé in and out, as well as the markets, is taking over," said Bank Vontobel analyst Jean-Philippe Bertschy.The change is effective from Sept.