Nestle Chief Executive Officer Mark Schneider stepped down after eight years at the helm, to be replaced by Laurent Freixe.
Freixe is currently executive vice president and CEO for the Latin American region. He'll take over as of Sept. 1, the consumer goods company said in a statement Thursday.
"Leading Nestle for the past 8 years has been an honor for me. I am grateful for what we have achieved, having transformed Nestle into a future-proofed, innovative and sustainable business," Schneider said in the statement.
Freixe, who joined Nestle in France in 1986, "successfully managed: the company's European zone during the 2008 financial crisis and until 2014, the statement said.
He was named CEO of the Latin American region in 2022 "where he has been successfully leading through challenging conditions".
Nestle, whose brands range from Nespresso coffee capsules to Purina dog food and Haagen-Dazs ice cream, lowered its sales growth outlook for 2024 last month as it slowed its price increases in the first half of the year.
The global packaged-food giant and its rivals had logged high sales growth in the past three years as they raised prices to make up for higher costs due to soaring inflation.
