By Admin 
Nestle ceo fird: Laurent Frax, CEO of Switzerland’s veteran multinational company Nestles, found it expensive to flirt with his company’s staff. When the company came to know that he had a relationship with his direct subordinate ie PA, he expelled him out of his job with immediate effect. The company says that this step has been taken by the company after a thorough investigation.
After removing Laurent Frax from the company, this responsibility has been given to other board members and NESPRESSO CEO Philip Navratri, who was in his place immediately.
Nestle CEO lost his job
A statement issued by the company said that Laurent Frex’s romantic relationship with his PA is a violation of Nestle’s Business Code of Conduct. Because of this, this action has been taken by the company.
The board of the company said that it was investigated under the supervision of Chairman Paul Bulke, which was being led by Independent Director Pablo Isla. Also, he was being given help from the outside council. Bulke said that this was an important step. Nestle has a strong foundation for Values and Governance Company. He said that he would like to thank Laurent for his service.
Who is Laurent Frax
Laurent Frax has taken over important positions of the company. He joined Nestle in the year 1986. After this, he continued to run European operations till 2014. After that, before being promoted to the post of CEO, he continued to work as the head of Latin America division.
This incident can raise serious questions about Nestle’s corporate governance and ethics. Although the company has tried to save its credibility by taking action immediately, the trust of investors can be somewhat to some extent. The impact of such reports in the market often shows the impact on the share price, as investors pay special attention to the stability and transparency of the management.
On the other hand, Nestle’s hold in a strong brand value and global market is so deep that its impact on the growth of the company in the long term is likely to be limited. Rather, the speed with which the company has decided to change the CEO indicates that Nestle does not want to compromise with its reputation and governance standard.
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