Alert: Schneider quits as Nestlé CEO and leaves the company

Switch at the top of the Swiss-headquartered company surprises the food industry. A hastily arranged investor analysts call is scheduled for Friday morning.

Nestlé has announced Chief Executive Officer Mark Schneider is leaving Nestlé and will be replaced by Laurent Freixe, currently Executive Vice President and CEO Zone Latin America (LATAM).

The news was announced late Thursday, and CocoaRadar understands the switch at the top will be effective from 1 September 2024.

Nestle, which owns the iconic chocolate brand KitKat, said in a statement: ‘Mark Schneider, Chief Executive Officer, has decided to relinquish his roles as CEO and member of the Board of Directors. Over his eight years with the company, he has actively shaped the company’s portfolio in line with Nestlé’s strategy and with a focus on high-growth categories like coffee, pet care, and nutritional health products.’

The Board of Directors of Nestlé has appointed Freixe, who joined Nestlé in France in 1986. Since then, he has continuously progressed within the company, assuming various positions of increasing responsibility across different businesses, markets, and Zones. He successfully managed Zone Europe during the financial and economic crisis from 2008 until 2014. He then took over as CEO of Zone Americas, where he accelerated growth. Following the creation of Nestlé’s new Zone structure in 2022, Laurent Freixe was named CEO Zone Latin America, where he has been successfully leading through challenging conditions.

Paul Bulcke, Chairman of the Board of Directors, said: "The Board of Directors is delighted to announce the appointment of Laurent as the new CEO. I have known Laurent for a long time and highly regard him as a talented leader with strategic acumen, extensive in-market experience and expertise as well as a deep understanding of markets and consumers. He has demonstrated his ability to deliver results in challenging market conditions.

“ Laurent's curiosity fuels his passion for innovation and positive change. Laurent is the perfect fit for Nestlé at this time. Under his leadership, Nestlé will further strengthen its position as a dependable, reliable company through consistent and sustainable value creation."

Mark Schneider said: "Leading Nestlé for the past eight years has been an honour for me. I am grateful for what we have achieved, having transformed Nestlé into a future-proofed, innovative and sustainable business. I would like to thank the entire Nestlé community for what we have accomplished together and wish Laurent all the best in his new role."