Formula goes sour
OPINION: Media reports say global recalls tied to cereulide toxin contamination in milk-based nutrition brands could inflict combined financial losses exceeding $1 billion.
That's exactly what Nestle's new CEO Phillipp Navratil is doing though.
The global giant is laying off 16,000 employees over the next two years as part of its measures to reduce costs.
The layoffs will impact 12,000 white collar professionals across functions and geographies, as well as 4,000 employees in its manufacturing and supply chain.
Nestle employs 277,000 employees worldwide. The layoffs are almost 6% of its total headcount.
"The world is changing and Nestle needs to change faster. This will include making hard but necessary decisions to reduce headcount over the next two years," Navratil says.
