India, Sept. 1 -- Nestle S.A. (NSTR.L,NESN.SW) has dismissed its Chief Executive Officer Laurent Freixe with immediate effect following an internal investigation into a breach of the company's Code of Business Conduct.
The inquiry revealed that Freixe had engaged in an undisclosed romantic relationship with a direct subordinate, a violation of Nestle's ethical standards. The investigation was overseen by Chairman Paul Bulcke and Lead Independent Director Pablo Isla, with support from independent external counsel, in line with best practice corporate governance.
In response, Nestle has appointed Philipp Navratil as the new Chief Executive Officer, effective immediately.
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