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Nestle, the largest company incorporated in the food sector, is reducing its workforce by 16,000 over the next two years as it seeks “extremely” the capital of Philipp Narratil.
In Thursday’s announcement, Navratil set a new cost-saving target of 3 billion Swiss francs by the end of 2027, higher than the previous target.
“As Nestle moving forward, we will be aggressive in our approach to resource allocation, prioritizing opportunities and businesses with the highest returns,” Navratil said.
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The CEO, only a month into the job, said the company needs to “do more and move faster to accelerate” its growth momentum. To do this, Navratil said Navratil said “bolder in investing in scale” and making new profits to spur growth and value enhancement.
NESTLE CEO PhilippPPATIL established a new goal of achieving cost savings of 3 billion francs by the end of 2027. (Kevin Carter/Getty Images)
“We promote a culture that includes the New Mindset, which does not accept the loss of market share, and where victory is rewarded, which includes reducing its future,” including reducing its future in our industry “while introducing shareholder value.
When Navratil took the helm, board chairman Paul Bulleng said “his impressive track record of achieving results in challenging environments.”
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Since taking over, Navratil has been working to set the company on a path to growth after a tumultuous year in which Ceo Laurent Freixe was fired for a disproportionate relationship with the wrong job.
Nestle is cutting its workforce by 16,000 people over the next two years. (Justin Sullivan/Getty Images)
In September, Freiyo, who was arrested for insisting on shaping the company’s strategy and portfolio, was removed following an investigation into romantic relationships on the basis of direct business conduct. Freixe is leaving the company without an exit package.
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Freine’s dismissal was the company’s latest reversal in which the previous CEO, Ulf Mark Schneider, stepped down voluntarily due to underlying concern is underperformance.
NETLLE CEO Philipp PPIL, only a month into the job, said the company needs to “do more and move faster to accelerate” its growth momentum. (Via Fabrice Coffriphi/AFP/Getty Images)
The company had the first half of fiscal 2025 with organic growth of 2.9%, most of which was driven by rising prices rather than being able to sell. Internal revenue growth (RIR), which measures volume and product mix, rallied by just 0.2%, underscoring soft consumer demand and volume pressures.
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In the third quarter, however, performance improved, with Nestle delivering 4.3% sales growth.
