Nestle's new CEO faces full plate of problems

THE ABRUPT DISMISSAL of Nestle CEO Laurent Freixe has catapulted Philipp Navratil into the top job overnight, tasking him with reversing a prolonged share price decline and reigniting sluggish sales at the world's largest consumer goods company.

- REUTERS

Nestle, the maker of products from KitKat chocolate to Nesquik, fired Freixe on Monday for failing to disclose a romantic relationship with a subordinate. The board appointed Nespresso chief Navratil as his successor with immediate effect.

Navratil, a 49-year-old Swiss and Austrian citizen, is a Nestle veteran. He joined the firm in 2001 after a business degree and rose through the ranks, spending many years in Latin America and being made head of Nestle Nespresso last year.

He joined the Nestle executive board on January 1 this year.