Nestle shares face pressure following abrupt departure of CEO

Critics argue Nestle has been too reliant on price increases, which have hit sales volumes as cash-strapped customers turned to cheaper brands

Schneider's surprise exit was announced late on Thursday following a board meeting that put an end to the near eight-year tenure at the helm by the 58-year-old German, the first company outsider to lead Nestle in nearly a century. Photographer: Stefan Wermuth/Bloomberg

Nestle shares were expected to fall early on Friday following the abrupt departure of CEO Mark Schneider from the world's biggest food maker and his replacement by company veteran Laurent Freixe.

Schneider's surprise exit was announced late on Thursday following a board meeting that put an end to the near eight-year tenure at the helm by the 58-year-old German, the first company outsider to lead Nestle in nearly a century.