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Nestle CFO: Complaints of 'Improper Favoritism' Triggered Inquiry Into CEO
Laurent Freixe was dismissed for violating Nestle's conduct code through an undisclosed romantic relationship and favoritism after multiple internal investigations following May complaints.
- Nestle dismissed CEO Laurent Freixe on a Monday after staff complaints alleged improper favoritism involving a subordinate employee.
- The dismissal followed internal reports received in May through Nestle’s Speak Up system, alleging a romantic relationship and favoritism by Freixe.
- The board conducted an initial internal review that found no evidence of wrongdoing, but a subsequent, more extensive investigation determined that Freixe had violated the company’s code of conduct.
- Chief Financial Officer Anna Manz stated at an investor conference that certain developments prompted the board to conclude that a violation of conduct had occurred.
- Freixe, 63, was dismissed without receiving an exit package and has been succeeded by Philipp Navratil, the CEO of Nestlé’s Nespresso division, who is expected to offer new leadership amid the company’s ongoing difficulties.
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Nestlé’s CFO acknowledges board waited to launch deeper CEO probe
The NewsThe heat on Nestlé is shifting from its CEO, who was fired this week for having an undisclosed affair with a subordinate, to its board, whose initial, apparently cursory, investigation failed to uncover evidence that a later probe uncovered.Nestlé’s CFO said Wednesday at an industry conference that the board looked into an initial tip submitted through an internal hotline in May, but that CEO Laurent Freixe denied the rumor and “no evide…
·New York, United States
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In a press release, the Swiss multinational announced on Monday 1 September the dismissal of its managing director, Laurent Freixe. A decision that follows the discovery of her "undeclared" love relationship with a direct subordinate.
Coverage Details
Total News Sources27
Leaning Left5Leaning Right6Center5Last UpdatedBias Distribution38% Right
Bias Distribution
- 38% of the sources lean Right
38% Right
L 31%
C 31%
R 38%
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