Nestle will cut 16,000 jobs, new CEO Philipp Navratil said on Thursday, as the world's largest packaged food company seeks to cut costs and win back investor confidence.
The jobs represent 5.8% of Nestle's around 277,000 employees. Navratil said Nestle had raised its cost savings target to 3 billion Swiss francs ($3.77 billion) from 2.5 billion francs by the end of 2027.
