Nestlé SA’s new chief executive officer announced plans to slash 16,000 jobs only weeks after taking over, aiming to build on a stronger-than-expected increase in quarterly sales that lifted the Swiss foodmaker’s shares by the most in 17 years. Philipp Navratil, who took over after Laurent Freixe was ousted for hiding a relationship with a subordinate, increased Nestlé’s target for cost savings to 3 billion Swiss francs ($3.7 billion) by the end of 2027, from 2.5 billion francs. The moves indicate the new ...

Group 1 - The company, Nestlé, announced plans to reduce its workforce by 16,000 jobs, which represents approximately 6% of its total workforce [1] - The job cuts will be implemented over the next two years following the recent replacement of its chief executive officer [1] - Nestlé is known for its popular products, including Nespresso coffee capsules and KitKat candy bars [1]