Nestlé’s CFO Discusses CEO Dismissal and Succession Plans

Nestlé’s Chief Financial Officer, Anna Manz, provided insights into the recent dismissal of former CEO Laurent Freixe during a discussion at the Barclays Global Consumer Staples Conference. Freixe was investigated and ultimately removed from his position due to allegations of a romantic relationship with a subordinate, which raised concerns about potential favoritism within the company.

In her conversation with Warren Ackerman of Barclays, Manz explained that the initial report concerning Freixe surfaced through internal channels in May. “We received a speak-up alleging a romantic relationship with an employee and improper favoritism,” Manz stated. Following this claim, the board conducted an internal investigation that found no evidence to support the allegations. Freixe even issued a personal statement asserting that no misconduct had occurred.

However, the situation evolved when subsequent reports emerged, presenting differing allegations. “We had a number of other speak-ups making slightly different allegations and providing different information,” Manz said. This prompted the board to initiate a second, broader external investigation, which ultimately revealed a breach of conduct, leading to Freixe’s removal.

Immediate Succession and Future Directions

Following the unexpected dismissal, the board appointed former Nespresso CEO Philipp Navratil as the new CEO without conducting a full hiring process. Manz addressed concerns regarding the succession planning at Nestlé, noting that the board had been actively considering succession options due to Freixe’s age, as he is now 63 years old.

“The board felt that they had completed substantial groundwork and were well-positioned to appoint the best candidate, which is Philipp,” she emphasized. This decision was made to maintain momentum within the company during a critical transition period.

Manz characterized Navratil as a “strategic, thoughtful leader” who is “very pragmatic and executionally focused.” His recent experience includes successfully rolling out Starbucks products across 90 countries, which reflects his capability to adapt quickly to new challenges. “He’ll bring a freshness of perspective and a pace to change at Nestlé,” Manz added, highlighting the confidence the board has in Navratil’s leadership.

Navratil is scheduled to address investors during Nestlé’s third-quarter update on October 16, 2025. Manz indicated that the company is exploring ways to introduce him to the investment community prior to this event, ensuring a smooth transition and continued investor engagement.

As Nestlé navigates this leadership change, the focus remains on reinforcing corporate governance and maintaining a strong commitment to ethical standards within the organization. The outcomes of these recent developments will be closely monitored as the company strives to uphold its reputation in the global market.