The world's largest food manufacturer Nestle SA has fired CEO Laurent Frakes over a secret romantic relationship with a subordinate.
This is stated in a company press release.
"Laurent Frakes' dismissal was the result of an investigation into a secret romantic relationship with a subordinate, which violated Nestle's Code of Business Conduct," the statement said.
It is noted that the board of directors has commissioned an investigation under the supervision of Chairman Paul Bulcke and Chief Independent Director Pablo Isla, with the support of an independent external consultant.
Chairman Bulcke commented on the resignation: "This was a necessary decision. Nestle's values and governance are the strong foundation of our company. I thank Laurent for his many years of work at Nestle."
Nestle's board of directors announced on September 1 the appointment of Philipp Navratil as CEO of Nestle with immediate effect. Philipp Navratil began his career at Nestlé in 2001 as an internal auditor. In 2020, he moved to Nestlé's strategic coffee business and in July 2024, he took up a position at Nespresso, where he accelerated growth and created strong momentum. Philipp Navratil joined Nestlé's executive board on January 1, 2025. Meanwhile, Frakes, who has now been dismissed over the affair, had only been CEO for a year.
Frakes joined Nestlé in 1986 and served as an executive board member for 16 years.
Who we are: About us, Contacts. How we write news and our principles: Editorial code. We did our best. If you found this valuable – please support us.
To request a correction, please send an email.