Nestlé will eliminate 16,000 jobs worldwide, or about 5.8% of its workforce, as part of a major restructuring effort aimed at reducing costs and regaining investor confidence, new CEO Philipp Navratil announced.
The company has raised its cost-saving target to €3.1 billion by 2027, up from 2.5 billion. Most cuts will affect 12,000 white-collar roles over the next two years, with an additional 4,000 reductions planned across manufacturing and supply chains.
Navratil, who took charge after a leadership shake-up, said, “The world is changing, and Nestlé needs to change faster.” Shares surged 7.5% following the announcement.
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