ISTANBUL 

Nestlé, the world's largest food company, announced on Friday the appointment of Laurent Freixe as its new CEO, succeeding Mark Schneider.

Freixe, previously the executive vice president and CEO for Latin America at Nestlé, has been with the company since 1986 and has held various senior positions.

The company also announced that Freixe will be nominated for the Board of Directors at the 2025 Annual General Meeting.

Schneider, who has served as CEO for eight years, has decided to step down. The leadership change comes as Nestlé revised its full-year sales outlook, attributing the adjustment to slowing price hikes and increased price sensitivity among customers.

Nestlé's share price has fallen over 10% in 2024.