Swiss food giant Nestlé announced Thursday a global workforce reduction that will result in the cutting of approximately 16,000 jobs over the next two years, equivalent to almost 6% of its workforce, and also raised its cost savings target to 3 billion francs from the end of 2027. The decision comes just months after the Appointment of Spanish executive Pablo Isla as new president of the group last June.

After Nestlé experienced a complicated episode a couple of weeks ago with the abrupt dismissal of its CEO, Laurent Freixe, for pursuing a romantic relationship with a direct subordinate to whom he allegedly granted privileges within the corporate structure, the multinational food sector is now undergoing changes once again. This is the early appointment of Pablo Isla as the company's new president, which was scheduled for spring 2026, but will finally take effect on October 1st. Furthermore, the week of the executive transfer market has also been marked by the appointment of a new CEO at Tous. These and other changes are some of the signings of the week:

The start of the school year has been turbulent in the executive transfer market, mainly overshadowed by a news story worthy of the tabloids: the Swiss multinational Nestlé discovered that its CEO, Laurent Freixe, was having a romantic relationship with a direct subordinate to whom he allegedly granted privileges within a sudden dismissal. Beyond that, however, Nestlé has dismissed its top executive without severance pay, a decision that has impacted the stock market with a fall of more than 3% for the company and leaves its future non-executive chairman, Pablo Isla (who will be appointed in 2026, if not appointed in 2026, to Nestlé), in a complicated situation. For the moment, the company has appointed Philipp Navratil, who managed the company's coffee and beverage business in Mexico, to replace Freixe. Aside from this news, the start of the school year brings significant changes to the executive market. These are some of them:

The case of Nestlé CEO Laurent Freixe, who was fired last Monday for keeping a romantic relationship with a subordinate a secret, has once again brought to the fore an old dilemma: to what extent can a company regulate the personal lives of its employees? The Swiss multinational ended up dismissing its top executive after an internal investigation—supervised by Pablo Isla, the future president of the food group and former president of Inditex—determined that Freixe had breached the company's code of conduct.

Spanish executive Pablo Isla has been appointed global chairman of the Swiss multinational food company Nestlé, the company announced in a statement issued Wednesday. Isla will take office in April 2026, replacing Paul Bulcke.