Swiss food giant Nestle, whose brands include Nespresso coffee and Perrier water, will cut 16,000 jobs worldwide over the next 2 years, new CEO Philippe Navratil said.
„The world is changing and Nestle must change faster“, he said. This includes making “difficult but necessary decisions to reduce headcount.”
Navratil spoke as the company released nine-month figures showing a 1.9% drop in sales to 65.9 billion Swiss francs ($83 billion).
The cuts include 12,000 white-collar jobs, saving the company 1 billion Swiss francs, which executives said was double what they had previously planned - in addition to 4,000 job cuts already underway in manufacturing and the supply chain.
Navratil said Nestle was increasing its savings target to 3 billion Swiss francs by the end of 2027, up from a previous target of 2.5 billion.
The food giant, which owns more than 2,000 brands - including Kit Kat chocolate bars and Purina dog food - endured a turbulent September with the dismissal of its previous CEO over business dealings.
Financial analysts are hopeful that Navratil will be able to restore stability to the group, whose growth has slowed since 2022. Nestle was also rocked by a scandal over its bottled water that began in France in 2024.
Organic sales growth was 3.3% in the first nine months of 2025, driven by a 2.8% price increase.