Schneider was managing director of Swiss Foods for seven years. He will be succeeded by Laurent Freixe, head of Latin America.

There has been a surprising change at the top of food giant Nestlé. The Swiss company announced Thursday that CEO Mark Schneider is stepping down after seven years as CEO. On September 1, Laurent Freix takes over the management of the maker of Nespresso, Maggi, KitKat and Perrier. Frekes, who currently heads the Latin American business, is also due to be elected to the Nestlé board of directors in 2025.

“He has proven that he can deliver results under difficult market conditions,” Chairman of the Board of Directors Paul Bulke said in the statement. Nestlé lowered its outlook in late July and now expects organic sales growth of at least three (previously four) percent for the full year 2024. With consumers becoming more price sensitive and fierce competition among retailers, Nestlé is trying to stimulate demand with temporary price discounts, Schneider explained at the time.

Laurent “The Leader Nestlé Needs Now”

In January 2017, Schneider assumed the top position at Nestlé. Fresenius, a former head of the medical technology group, restructured the food maker by selling weak areas and acquiring strong growth areas. “Mark has made significant contributions to the tremendous progress in our sustainability efforts,” explained Bulke.

Freaks joined Nestlé in 1986 and has been part of the corporate management team for the past 16 years. Among other things, he is responsible for the European business. He has led several global initiatives aimed at increasing productivity and efficiency, streamlining processes and driving innovation. “Laurent is the leader Nestlé needs right now,” Bulke explained. “With him, Nestlé will further expand its position as a trusted company with sustainable and sustainable value creation (APA).”