Nestle to axe 16,000 jobs as new boss pushes to cut costs

Food and beverage giant Nestle said it will cut 16,000 jobs over the next two years, as its new CEO Philipp Navratil pushes to focus on products with the “highest potential returns”.

The Swiss company must “change faster” to keep pace with a changing world and adopt a “performance mindset” that does not accept losing market share to rivals, said Mr Navratil.

He replaced former CEO Laurent Freixe who was fired in September over a romantic relationship with an employee.

The job cuts were announced on Thursday as Nestle reported better sales figures in the first nine months of 2025, selling more products across its major categories, including coffee and sweets.

The world’s largest packaged food and drink company, Nestle owns hundreds of brands, including Nescafe, KitKat and Maggi.

Nestle plans to get rid of 12,000 white collar jobs on top of 4,000 other roles across the board within the next two years, it said in a statement.

The lay-offs will save the food giant around 1bn SFr (£940m) annually as part of an ongoing cost-savings effort, it said.

Mr Navratil said: “We are fostering a culture that embraces a performance mindset, that does not accept losing market share, and where winning is rewarded… The world is changing, and Nestle needs to change faster.”