Nestle Announces 16,000 Job Cuts as New CEO Launches Major Restructuring
Nestle will cut 16,000 jobs worldwide as new CEO Philipp Navratil seeks to reduce costs and restore investor confidence. The restructuring comes amid management changes and pressure to reverse slowing sales growth at the world’s largest packaged food company.
Major Workforce Reduction at Nestle
Nestle, the world’s largest packaged food company, will eliminate 16,000 jobs globally as new CEO Philipp Navratil implements what he described as necessary changes to transform the business, according to Reuters reports. The job cuts represent approximately 5.8% of Nestle’s workforce of around 277,000 employees and are part of a broader efficiency push announced on Thursday.