Nestlé S.A. (NSRGF)
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- Reuters
What went wrong for Nestle CEO Mark Schneider
Mark Schneider, Nestle's recently ousted CEO, steered the world's biggest food maker through the COVID-19 pandemic, grew margins despite a subsequent supply chain crunch, and pulled off a historic reorganisation. While Nestle declined to comment on the nature of his departure when announcing it on Thursday, and Schneider did not respond to a request to do so, three sources told Reuters on Friday that the executive had been axed. One source said the decision was reached after Nestle's board became increasingly concerned about weak sales growth.
- Reuters
Nestle to keep Health Science unit after CEO's exit, chairman tells paper
ZURICH (Reuters) -Nestle intends to keep its Health Science unit, Chairman Paul Bulcke said in a newspaper interview published on Sunday, after the food giant announced it was replacing its CEO Mark Schneider with company veteran Laurent Freixe. Asked by the NZZ am Sonntag newspaper whether Nestle would retain Nestle Health Science, Bulcke said: "Absolutely," adding that the sector was "promising with benefits for society." Bulcke's remarks come after Nestle said on Thursday Schneider would step down after nearly eight years at the helm.
