Nestlé to Cut 16,000 Jobs Worldwide

Nestlé has announced it will cut 16,000 jobs worldwide over the next two years. This was announced by Philipp Navratil, the company's new head, along with the results for the first nine months of the year.

The company's turnover decreased by 1.9%, reaching 65.9 billion Swiss francs (71 billion euros). The workforce reduction program includes the elimination of 12,000 jobs in various services, with the aim of saving 1 billion Swiss francs annually by the end of 2027.

In addition, 4,000 jobs will be cut through initiatives to increase efficiency in production and the supply chain. The company faced leadership turmoil in September, with the departure of the previous CEO, Laurent Freixe, and Chairman Paul Bulcke.

Financial analysts hope that Navratil will restore stability to the company, which has been affected by the inflation of 2022 and a bottled water scandal.