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Nestle, the world Largest packaged-food companyIt is cutting its workforce by 16,000 over the next two years as it looks to “significantly” reduce costs under its new CEO Philippe Navratil.
In Thursday’s announcement, Navratil set a new target of achieving cost savings of 3 billion Swiss francs by the end of 2027, higher than its previous target.
Navratil said, “As Nestlé moves forward, we will be rigorous in our approach to resource allocation, prioritizing opportunities and businesses with the highest potential returns.”
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The chief executive, who has been on the job just a month, said the company needed to “do more and move faster” to accelerate its growth pace. To do this, Navratil said Nestlé wants to be “bold in investing at scale” and leverage innovation to drive growth and drive value.
Nestlé CEO Philippe Navratil set a new target to achieve cost savings of 3 billion Swiss francs by the end of 2027. (Kevin Carter/Getty Images)
“We are fostering a culture that embraces a performance mindset, that does not accept losing market share, and where winning is rewarded,” he said, adding that the steps the company is taking, including reducing its workforce, “will secure Nestle’s future as a leader in our industry while delivering shareholder value”.
When Navratil took the helm, board chairman Paul Bulke praised his “impressive track record of achieving results in challenging environments”.
Nestlé CEO Laurent Freix fired over inappropriate relationship with subordinate at workplace
Since taking over, Navratil has been working to lead the company back to growth following a tumultuous year in which former CEO Laurent Freix was ousted over an inappropriate workplace relationship less than a year after his appointment.
Nestle is cutting its workforce by 16,000 people over the next two years. (Justin Sullivan/Getty Images)
In September, Frekes, who was credited with playing a central role in shaping the company’s strategy and portfolio, was ousted following an investigation into a romantic relationship with a direct subordinate that violated Nestlé’s code of business conduct. Freaks is leaving the company without an exit package.
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Freix’s ouster was the latest blow to a company whose former CEO, Ulf Mark Schneider, voluntarily stepped down Worrying about poor performance.
Nestlé Chief Executive Philippe Navratil, who has been on the job for just a month, said the company needed to “do more and move faster” to accelerate its growth. (Fabrice Coffrini/AFP/via Getty Images)
The company remained sluggish with 2.9% organic growth in H1FY25, much of which was driven by increased pricing rather than higher sales volumes. Real internal growth (RIG), which measures volumes and product mix, rose just 0.2%, underscoring soft consumer demand and volume pressure.
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However, by the third quarter, performance had improved, with Nestle reporting 4.3% organic sales growth.
