Nestle CFO: complaints of "improper favoritism" triggered inquiry into CEO

Laurent Freixe, Chief Executive Officer of Nestle, speaks during the Nestle Annual General Meeting at the SwissTech Conference Center, EPFL, in Ecublens near Lausanne, Switzerland, Wednesday, April 16, 2025. (Photo: AP/Jean-Christophe Bott/Keystone)

ZURICH: Nestle received complaints in May of "improper favoritism" by now ex-CEO Laurent Freixe along with allegations of a romantic relationship, Chief Financial Officer Anna Manz said on Wednesday (Sep 3).

The relationship was examined in an internal investigation overseen by the board, although no evidence was found at this point, she told an investor conference.

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"And it was at that point that Laurent also made a personal statement stating that there had been no such thing," Manz said.

Freixe was fired on Monday by the board following a second investigation at the food giant.

COMPLAINTS PROMPTED FIRST PROBE

Manz said the first probe was triggered after complaints were received by the company in May, raising concerns of favoritism and improper conduct by Freixe.

While the initial review did not substantiate the allegations, Nestle continued to monitor the situation. Freixe publicly denied the claims at the time.