News Desk

THE HAGUE: 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.