A surprise announcement this Thursday at the head of Nestlé: Mark Schneider will be leaving the Vevey group at the end of the month. The current director of the Latin American region, the Frenchman Laurent Freixe, was appointed to succeed him on 1 September.
Coming in 2016 at the head of the group, Mark Schneider has resigned from his functions and will also leave the board of directors, Nestlé announced in a press release issued after the close of markets.
The architect of Nestlé’s turnaround, the 58-year-old German-American helped refocus the group’s portfolio on high-growth categories, particularly coffee, pet products and nutritional health products. Quoted in the press release, his predecessor and current president of the multinational Paul Bulcke praised “his significant contribution” and “his exceptional and determined leadership in times of crisis”.
“Thunderclap”
“He’s a member from the blue,” said Jean-Philippe Bertschy, a Vontobel analyst, contacted by AWP. “This sudden sudden event is unprecedented,” he insisted.
For the analyst, the pressure on the current boss has only increased in recent quarters, and the results are systematically below expectations. “The targets had to be constantly revised downwards, which reduces the confidence of the investors,” he added.
Ability to achieve results
Laurent Freixe has been a member of the multinational executive committee for sixteen years and is currently in charge of the Latin American zone. The board of directors also recommended his candidacy as a director, Nestlé said.
“I have known Laurent for a long time and I consider him a talented leader with a good sense of strategy, extensive experience and expertise in the field, as well as a deep understanding of markets and consumers,” said Paul Bulcke. He has demonstrated his ability to deliver results in difficult market conditions,” he said.
Nestlé is turning the page on the Mark Schneider era. And with the appointment of Laurent Freixe, the group is making a form of “return to its roots”, notes Jean-Philippe Bertschy. “He and Paul Bulcke have known each other for many years and are used to working together.”
>> Details from journalist Matthieu Hoffstetter at 7:30 pm:
Journalist Matthieu Hoffstetter discusses the change in management at Nestlé / 7:30 pm / 1 min. / yesterday at 7:30 pm
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