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 Swiss conglomerate Nestle S.A. on Thursday appointed veteran executive Laurent Freixe as the CEO of the company, effective September 1, as Mark Schneider leaves the food and beverages multinational. 

The company has also nominated Freixe as a candidate for the Board of Directors at the 2025 annual general meeting.

The leadership change came as its rivals like Unilever and Danone have driven sales volumes in the past couple of years. After a strong post-pandemic performance, Nestle has struggled and last month slashed its full-year sales outlook.

According to Paul Bulcke, Chairman of the Board of Directors, Freixe has demonstrated his ability to deliver results in challenging market conditions.

“His curiosity fuels his passion for innovation and positive change. Laurent is the perfect fit for Nestle at this time,” said Bulcke.

Meanwhile, Schneider has decided to relinquish his roles as CEO and member of the Board of Directors, said Nestle.

Over his eight years with the company, he actively shaped the company’s portfolio, in line with Nestle’s strategy and with a focus on high-growth categories like coffee, pet care and nutritional health products, according to the company.

“I am grateful for what we have achieved, having transformed Nestle into a future-proofed, innovative and sustainable business,” said Schneider.

Freixe joined Nestle in France in 1986. Since then, he has continuously progressed within the company, assuming various positions of increasing responsibility across different businesses, markets and zones.

He has been a member of the Executive Board for 16 years and, as such, has played an important role in strengthening the strategic direction of the company and its portfolio.

“There will always be challenges, but we have unparalleled strengths, such as iconic brands and products, an unmatched global presence, leading innovation and execution capabilities, and above all, exceptional people and teams,” said Freixe.