Nestlé dumped Laurent Freixe as CEO with immediate effect after confirming a non-disclosed romantic relationship with a subordinate, a breach of the code of conduct. The board, led by chair Paul Bulcke, said the move was necessary and Freixe won’t get a severance. An insider says a whistleblower hotline raised flags in spring; an internal probe found no evidence, Freixe denied the relationship, but after an external review and additional internal reports the decision was made. Philipp Navratil, a Swiss‑Austrian dual national who ran Nespresso and joined the board earlier, is the new CEO. Nestlé will keep its current strategy and targets. Freixe had only been in the top job since September 2024, after replacing Mark Schneider. The shares sit around 75 CHF, well below the early‑2022 high near 130 CHF, as investors weigh the leadership shake‑up and questions about internal versus external succession.