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Nestle, the world’s largest packaged-food company, is trimming its workforce by 16,000 over the next two years as it seeks to "substantially" reduce costs under its new CEO Philipp Navratil.
In the Thursday announcement, Navratil established a new goal to achieve cost savings of 3 billion Swiss francs by the end of 2027, which is higher than its previous target.
"As Nestle moves forward, we will be rigorous in our approach to resource allocation, prioritizing the opportunities and businesses with the highest potential returns," Navratil said.
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The chief executive, 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 Nestle is looking to be "bolder in investing at scale" and to leverage innovation to spur growth and boost value.
Nestle CEO Philipp Navratil established a new goal to achieve cost savings of 3 billion Swiss francs by the end of 2027. (Kevin Carter / Getty Images)
"We are fostering a culture that embraces a performance mindset, that does not accept losing market share, and where winning is rewarded," he said, adding that the actions the company is making, including reducing its headcount, "will secure Nestle’s future as a leader in our industry" while delivering shareholder value.
When Navratil took the helm, board Chairman Paul Bulcke commended "his impressive track record of achieving results in challenging environments."
NESTLE CEO LAURENT FREIXE OUSTED OVER INAPPROPRIATE WORKPLACE RELATIONSHIP WITH SUBORDINATE
Since taking over, Navratil has been working to set the company on a path toward growth after a turbulent year in which former CEO Laurent Freixe was ousted over an inappropriate workplace relationship less than a year after his appointment.
Nestle is cutting its workforce by 16,000 people over the next two years. (Justin Sullivan / Getty Images)
In September, Freixe, who had been credited with being central to shaping the company’s strategy and portfolio, was removed following an investigation into a romantic relationship with a direct subordinate that violated Nestle’s code of business conduct. Freixe is leaving the company without an exit package.
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Freixe's ousting had been the latest setback for a company whose prior CEO, Ulf Mark Schneider, stepped down voluntarily due to underperformance concerns.
Nestle CEO Philipp Navratil, only a month into the job, said the company needs to "do more and move faster to accelerate" its growth momentum. (Fabrice Coffrini/AFP via / Getty Images)
The company had a sluggish first half of fiscal 2025 with 2.9% organic growth, with most of that driven by pricing increases rather than higher sales volumes. Real internal growth (RIG), which measures volume and product mix, edged up just 0.2%, which underscored soft consumer demand and volume pressures.
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By the third quarter, however, performance had improved, with Nestle delivering 4.3% organic sales growth.
