Mark Schneider has led Swiss manufacturer Nestle for eight years|Nestle|CC BY-NC-ND 2.0
Nestle’s CEO, Mark Schneider, will be replaced by long-time executive Laurent Freixe starting September 1, when Schneider will step down. The move comes as the company grapples with slowing sales growth and declining share prices.
Schneider has led the Swiss manufacturer for eight years. He will also step down from the company’s board.
The KitKat maker’s shares peaked at $121.50 in January 2022 under Schneider’s leadership but have since dropped.
Nestle’s share price has dropped 8% in the current year, while rival Unilever’s shares have gained 29%.
Last month, Nestle lowered its full-year sales outlook, citing the need to moderate price increases as customers become more cost-conscious.