Nestle will cut 16,000 jobs, according to new CEO Philipp Navratil as the world’s largest packaged food company seeks to cut costs and win back investor confidence.
The jobs represent 5.8% of Nestle’s around 277,000 employees. Navratil said Nestle had raised its cost savings target to 3 billion Swiss francs ($3.77 billion) from 2.5 billion francs by the end of 2027.
“The world is changing, and Nestle needs to change faster,” Navratil said.
He noted the 12,000 white-collar job cuts over the next two years, in addition to a further 4,000 headcount reduction as part of ongoing initiatives in manufacturing and the supply chain, were part of an efficiency push.
