The new CEO of Nestle has announced plans to axe 16,000 jobs globally in a bid to save £2.8billion.
Philipp Navratil was appointed to the role last month after his predecessor was sacked after it emerged he had hidden a romantic relationship with a subordinate.
Now, The Times reports, Navratil has laid out his plans to save the company £2.8billion by the end of 2027 - by slashing 6% of its 277,000 global workforce.
The move comes as the food and drink giant has struggled in recent years to compete with rivals as consumers tighten their purse strings.
Navratil said: “The world is changing, and Nestlé needs to change faster.
"This will include making hard but necessary decisions to reduce headcount over the next two years.
"We will do this with respect and transparency.”
Investors reacting to the announcement sent shared in the Swiss company shooting up by almost 8%.
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