Charted: Nestlé makes change at the top
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Nestlé's shares in the U.S. jumped today after the sudden exit of the company's CEO.
Why it matters: The Swiss food giant — whose wide-ranging products include Kit Kat candy bars and Pellegrino water — suffered a series of missteps as it ventured into various health care products.
Driving the news: CEO Mark Schneider is being replaced with Laurent Freixe, who has been with the company for nearly three decades.
Zoom in: "Schneider joined Nestle after running pharmaceutical company Fresenius SE, but his interest in health care did not always work out," Bloomberg reported.
- Nestlé took a $2.1 billion write-down last year on its investment in a peanut allergy medicine, while supply shortages hampered its vitamins and supplements business.
The company also became "too reliant on price increases, which have hit sales volumes as cash-strapped customers turned to cheaper brands," Reuters reported, citing industry analysts.
