Nestlé announced on Monday that Chief Executive Officer Laurent Freixe has been ousted following an internal probe that uncovered his undisclosed relationship with a subordinate employee.
The decision was made by the company's board at its headquarters in Vevey, Switzerland, following a probe led by Chairman Paul Bulcke and Lead Independent Director Pablo Isla. The removal, effective immediately, came with no exit package or severance pay, as the board ruled that Freixe had breached Nestlé's code of conduct.
