Sep 2 (Lagos) - Nestle, the Global food manufacturing giant based in Vevey, Switzerland sacked its global CEO after discovery of a previously undisclosed romantic relationship with a direct subordinate. This violated the Company's code of conduct. His dismissal is effective immediately. He had been CEO for about a year and had joined Nestle in 1986. He was a veteran at the Company famous for iconic products like Kitkat, Milo, Nescafe among various others.
Nestle Chairman Paul Bulcke said that “This was a necessary decision, Nestlé’s values and governance are strong foundations of our company.”
Philipp Navratil, a longtime Nestlé executive has been appointed as the new CEO of Nestle the company announced with immediate effect. Nestle operates a subsidiary in Nigeria which is listed on the NGX, Nestle Nigeria Plc (
NESTLE ), its stock price is trading near all time highs at N 1870 per unit in Lagos in spite of posting heavy losses in the recent past as the Company is returning to profitability.