Mark Schneider, Nestle's recently ousted CEO, steered the world's biggest food maker through the COVID-19 pandemic, grew margins despite a subsequent supply ...
LONDON - Mark Schneider , Nestle 's recently ousted CEO, steered the world's biggest food maker through the COVID-19 pandemic, grew margins despite a subsequent supply chain crunch, and pulled off a historic reorganisation.While Nestle declined to comment on the nature of his departure when announcing it on Thursday, and Schneider did not respond to a request to do so, three sources told Reuters on Friday that the executive had been axed.
Schneider, 58, in 2017 became the first company outsider to lead the maker of KitKat bars and Nescafe coffee in nearly a century. Its stock peaked during his tenure, tapping a record of 129.5 Swiss francs at the start of 2022. In response to a question during his final post-results call in July, Schneider acknowledged that supply chain constraints in 2022 had left "less energy" for innovation, which he said may have inadvertently helped private label, or store-brand, goods compete.
Nestle was initially less able to slow its price hikes and even when it did last year, volumes - or 'real internal growth'- stayed weak. He is seen as a food industry insider, with a broad network of executives and experts from within and outside the Swiss group. He has immediately pledged to focus Nestle on organic growth rather than acquisitions.Quasar Markets Partners with Finit to Enhance User Experience with TradePulse Stock Market Analysis Solution
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