Nestle sacks CEO over undisclosed relationship with subordinate

(Sharecast News) - Nestle shares fell on Tuesday as the Swiss food giant sacked chief executive Laurent Freixe after just one year in the job because he failed to disclose a relationship" with a subordinate. The Kit Kat chocolate bar maker said Freixe had been dismissed with "immediate effect" following an internal investigation.

Freixe had been with Nestle for nearly 40 years but stepped up to the global chief executive role last September, replacing Mark Schneider. Philipp Navratil has been appointed as Freixe's successor.

Reporting by Frank Prenesti for Sharecast.com