Nestlé has terminated its CEO, Laurent Freixe, after they found that he was involved in an "undisclosed romantic relationship" with a subordinate that breached the code of business conduct.
The Swiss-headquartered multinational shared that Laurent's dismissal after 40 years with the company followed an investigation headed by its chair Paul Bulcke and lead independent director Pablo Isla.
In a statement, Paul called the CEO's sacking a "necessary decision", adding, "Nestlé’s values and governance are strong foundations of our company. I thank Laurent for his years of service."
The 63-year-old took over the chief executive role in September last year after Nestlé ousted his predecessor, Mark Schneider.
Moreover, in September 2023, the chief executive of the oil multinational BP resigned after failing to reveal relationships with colleagues.
Bernard Looney was subsequently formally dismissed from his one-year notice period for serious misconduct after an investigation by the BP board and its advisers.
The decision meant he was denied more than £32 million in pay and share awards. Bernard was replaced as CEO by Murray Auchincloss.
In the aftermath, BP introduced a policy under which employees have to disclose intimate relationships with colleagues or risk losing their jobs.
Nestlé has named Philipp Navratil as Laurent Freixe's replacement.
Philipp began his career with Nestlé in 2001 as an internal auditor and has a track-record of being an exceptional employee. After filling many roles, he joined Nestlé's executive board on January 1 this year.
