ABUJA, Nigeria – Nestlé is set to eliminate 16,000 jobs worldwide in a sweeping cost-cutting drive announced by its new Chief Executive Officer, Philipp Navratil, as part of a bid to streamline operations and boost investor confidence.
In a Thursday statement, the Swiss food giant said the restructuring, aimed at saving 3 billion Swiss francs by 2027, would affect 12,000 white-collar and 4,000 additional roles globally.
“Our decision is driven by the need to strengthen Nestlé’s competitiveness and operational efficiency,” Navratil said.
The announcement sent Nestlé’s shares soaring 9%, lifting Europe’s food and beverage index by over 3%.
The company also reported a 4.3% organic growth in Q3, driven by strong global demand for KitKat, which achieved double-digit sales growth in India—now Nestlé’s second-largest market.
However, weak sales in Greater China trimmed 80 basis points off total growth. Nestlé said it has appointed a new regional leadership team to drive recovery in that market.
“The focus on high-performing brands like KitKat is already paying off,” Navratil added.
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