Nestle CEO, Private In-house Dating, Immediately Dismissed for Violating Ethics Code
Sep 02, 2025
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Nestle said in a press release on the 1st (Switzerland local time) that the board of directors immediately dismissed CEO Frex and appointed Philip Navratil, Nespresso's general manager, to replace him. It also added that Prex had an undisclosed romantic relationship with a direct subordinate, which violated the company's ethical norms.
Paul Bulke, chairman of the board, said the decision was an essential step to protect Nestle's values and corporate governance.
CEO Frex, who became Nestle's head following former CEO Mark Schneider, who was dismissed due to poor performance in September last year, will step down after a year in office.CEO Frex, who has worked at Nestle since 1986, was evaluated to have successfully managed European and American businesses for more than a decade after demonstrating his global financial crisis management capabilities at his headquarters in 2008. However, Nestle's current stock price is about 30% lower than at the beginning of 2022.
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The board said the new CEO is a dynamic, team-inspiring leader who has achieved results even in challenging situations, and has an inclusive and cooperative management style" he evaluated. It added that "the strategy will not change, and the performance and growth plan will continue to be pursued.'
This article was translated by Naver AI translator.
