Nestle, the Swiss food company, announced yesterday the dismissal of its CEO, Laurent Freixe, with immediate effect after an investigation found that he had an affair with a subordinate.
According to the company, the board of directors assessed Freixe's actions as a violation of Nestle's code of ethics and internal guidelines.
Nestle Chairman Paul Bulcke expressed his gratitude to Freixe for his nearly 40 years with the company.
The board of directors has appointed Nespresso CEO Philip Navratil as Freixe's successor.
Navratil, who has been with Nestle for 24 years, began his career in internal audit in 2001.
Last year, Navratil was appointed CEO of Nespresso and since January this year, he has also been a member of the executive board.
