Nestlé fired CEO Laurent Freixe "with immediate effect" on Monday due to an "undisclosed romantic relationship with a direct subordinate" the Swiss food giant announced.

Why it matters: Freixe was replaced by Nestlé Nespresso chief Philipp Navratil after just a year in the job.

Driving the news: Nestlé chair Paul Bulcke and lead independent director Pablo Isla led an investigation into the relationship, which company said breached its code of business conduct.

What they're saying: "This was a necessary decision," Bulcke said in a statement Monday. • "Nestlé's values and governance are strong foundations of our company. I thank Laurent for his years of service at Nestlé," said Bulcke of Freixe, who had spent 40 years with the company. • Bulcke praised Navratil "for his impressive tra

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