New Delhi, Sept. 1 -- Nestle SA has appointed Philipp Navratil as its new chief executive officer after dismissing longtime executive Laurent Freixe, the company said in a statement on Monday (September 1). The move follows an internal probe into Freixe's personal conduct.

According to Nestle, as per a report in Bloomberg, the investigation revealed that Freixe had an undisclosed romantic relationship with a direct subordinate. The probe was overseen by Chairman Paul Bulcke and Lead Independent Director Pablo Isla, with support from external counsel.

"This was a necessary decision," Bulcke said in the statement. "Nestle's values and governance are strong foundations of our company. I thank Laurent for his years of service."

Navratil, p...