To replace current CEO Schneider (Il Sole 24 Ore Radiocor) - London, 22 Aug - Nestle said it is replacing Chief Executive Mark Schneider with Laurent Freixe effective as of September 1.

In a statement the food giant said Schneider had decided to relinquish his roles as CEO and member of the Board of Directors after eight years leading the company.

Freixe, who joined Nestle in 1986, is currently Executive Vice President and CEO Zone Latin America.

The move comes as Nestle struggles with a cost of living crisis.

Last month it cut its full year sales guidance, saying it was slowing price hikes as customers become more price conscious.

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(RADIOCOR) 22-08-24 19:09:54 (0532) 5 NNNN