Love isn’t in the air: Nestlé fires CEO over breach of corporate code
Nestlé’s Board of Directors has announced the dismissal of CEO Laurent Freixe with immediate effect. The company explained that the decision followed an investigation which revealed undisclosed romantic relations between the executive and a direct subordinate, constituting a breach of the company’s Code of Business Conduct, Kazinform News Agency reports.
According to Nestlé’s press release, the investigation was overseen by Chairman Paul Bulcke and Lead Independent Director Pablo Isla, with the support of external legal counsel. Bulcke described the dismissal as a “necessary decision” to safeguard Nestlé’s values and standards.
Freixe, who had spent nearly four decades at the company but served less than a year as CEO, will not receive a severance package.
The Board appointed Philipp Navratil as his successor. Navratil, who joined Nestlé in 2001, has held several senior roles, including leading the Nescafé brand and managing the Nespresso division.
“This was a necessary decision. Nestlé’s values and governance are strong foundations of our company,” Bulcke emphasized.
Earlier, it was reported that CEO of data company Astronomer, has been placed on leave after a viral video showed him embracing the company’s Chief People Officer.
