Nestle CEO Mark Schneider ousted due to sluggish sales growth and lack of innovation.

From Investing.com: 2024-08-26 01:12:04

Nestle’s CEO, Mark Schneider, led the company through the pandemic with margin growth and reorganization, but weak sales growth led to his ousting by the board.

Despite achieving margin growth amid the pandemic, concerns over sluggish sales and underinvestment led to Nestle’s board axing CEO Mark Schneider.

Schneider faced criticism for sluggish sales growth, high prices, and lack of innovation compared to competitors like PepsiCo and Unilever.

New CEO Laurent Freixe, a Nestle insider, plans to focus on organic growth over acquisitions.

Nestle’s stock dropped roughly 30% since its pandemic high in early 2022, prompting the board to make a change in leadership.



Read more at Investing.com: What went wrong for Nestle CEO Mark Schneider By Reuters