VEVEY, Switzerland ― Nestle will boost advertising and marketing, trim costs by at least $2.8 billion by 2027 and carve out its water and premium drinks businesses into a standalone global unit as it looks to drive growth under its new chief, the company said on Tuesday.
CEO Laurent Freixe, a 40-year veteran of the world's biggest food company, took the reins in September replacing ousted Mark Schneider who had disappointed investors for several quarters with weak sales volume growth. Under Schneider, Nestle gutted its marketing and advertising budget and invested less in innovation during the cost-heavy Covid-19 pandemic.
