(Bloomberg) — Nestlé SA is turning to the executive who runs its Nespresso coffee empire to try and steady the world’s largest food business after it was rocked by the second CEO firing in a little over a year.
Philipp Navratil is taking over as chief executive officer at the Swiss company, after the exit of Mark Schneider for underperformance last year and Laurent Freixe on Monday for failing to disclose an affair with a direct subordinate.
Read More: Nestlé Ousts CEO Over Office Affair and Taps Nespresso Boss
It’s unprecedented turmoil for a company that has been renowned for its internal succession planning and staid corporate culture.
Freixe’s ouster “has left us shocked,” RBC analysts including James Edwardes Jones said in a note. “We thought of him as a Nestlé lifer who would restore the company’s reputation of slightly boring predictability. How wrong we were.”
The quick reshuffle raises the question of why Nestlé immediately appointed a perm
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