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Nestlé SA plans to cut 16,000 jobs worldwide, about 6% of its workforce, as new Chief Executive Officer Philipp Navratil moves swiftly to reshape the Swiss food giant and restore investor confidence after a turbulent leadership transition, according to a report by Bloomberg

The layoffs, which will unfold over the next two years, form part of a plan to deliver 3 billion Swiss francs ($3.7 billion) in cost savings by 2027 — up from an earlier target of 2.5 billion francs. About 12,000 of the affected roles are white-collar positions, with the remaining 4,000 from manufacturing and supply chain operations.

“The world is changing, and Nestlé needs to change faster,” Navratil said in a statement. “This will include making hard but n

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