(fxcue news) - Swiss food and beverage giant Nestle SA, which is struggling with weak financial performance, announced the resignation of Chief Executive Officer Mark Schneider, and the appointment of Laurent Freixe as the successor, effective September 1. Schneider has decided to relinquish his roles as CEO and member of the Board of Directors after more than 8 years with the company. Nestle shares were losing around 1.2 percent in the Switzerland trading. In a statement, Nestle said that the Board has also nominated Freixe, currently Executive Vice President and CEO Zone Latin America, as a Board candidate at the 2025 Annual General Meeting. The company noted that Schneider, the departing CEO, has actively shaped the company's portfolio, in line with its strategy and with a focus on high-growth categories like coffee, pet care and nutritional health products. The news comes in the wake of Nestle, in late July, trimming its annual forecast for underlying earnings as well as organic sales growth after reporting nearly flat profit and 2.7 percent lower sales in its first half. For fiscal 2024, Nestle now expects underlying earnings per share in constant currency to increase at a mid single-digit rate, compared with prior guidance of 6 percent to 10 percent growth. Organic sales are expected to grow at least 3 percent, lower than the previous outlook for organic sales growth of around 4 percent. Schneider said, "Leading Nestlé for the past 8 years has been an honor for me. I am grateful for what we have achieved, having transformed Nestlé into a future-proofed, innovative and sustainable business." The new CEO, Freixe, joined Nestle in France in 1986. He was named CEO Zone Latin America in 2022. He has been a member of the Executive Board for 16 years. Freixe said, "There will always be challenges, but we have unparalleled strengths, such as iconic brands and products, an unmatched global presence, leading innovation and execution capabilities, and above all, exceptional people and teams. We can strategically position Nestlé to lead and win everywhere we operate."