Nestle | Pakistan

Nestle said on Tuesday Chairman Paul Bulcke has decided to step down, days after the Swiss food giant abruptly dismissed its CEO Laurent Freixe for failing to disclose a romantic relationship with a subordinate. Bulcke will be succeeded by Vice Chairman Pablo Isla, effective October 1. Bulcke was earlier supposed to hand over the reins to Isla in April 2026. According to media report, Nestle investors had since been pushing for Bulcke — a Belgian national who served as Nestle CEO for nearly a decade before becoming chairman in 2017, to step down. The Financial Times reported that investors blamed him for a chaotic period at the company that culminated with Freixe’s ouster. Bulcke, who has been scheduled to remain in his position until next April, said in Tuesday’s statement that he had “full trust in Nestle’s new leadership and firmly believe this great company is well positioned for the future”. “This is the right moment for me to step aside and accelerate the planned transition, allowing Pablo and Philipp t...

Nestle investors were pitched back into choppy waters on Tuesday after the Swiss food giant changed its chief executive officer for the second time in a year, ousting boss Laurent Freixe over an affair he had with a subordinate. The company’s shares were indicated 1.9 per cent lower in premarket activity in Zurich following Freixe’s sudden dismissal on Monday following a board meeting to discuss the findings of an investigation into the relationship. The downturn is another blow for Nestle investors who have been frustrated with three years of share price declines between 2022 and 2024 and no signs of a recovery this year. Freixe will be replaced by Philipp Navratil, a rising star at the maker of Nescafe coffee and KitKat chocolate bars, which has been struggling with sales volumes since the pandemic. The dismissal of Freixe follows an investigation into an undisclosed romantic relationship with a direct subordinate, which breached Nestle’s code of business conduct, Nestle said late on Monday. Freixe, who spe...