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Nestle Shares Fall After CEO's Surprise Departure

Nestle Mark Schneider Laurent Freixe

Nestle's incoming CEO, Laurent Freixe (L), has been at the company since 1986 (Credit: AFP)

Nestle shares fell Friday after the surprise departure of chief executive Mark Schneider, which followed slowing sales growth and bad headlines at the Swiss food group.

The company announced after markets closed Thursday that Schneider would step down on September 1 after almost eight years in charge and be replaced by Nestle's Latin America chief, Laurent Freixe.

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