Swiss food giant Nestlé announced that it is dismissing Laurent Frexer from his position as CEO with immediate effect. The reason is "an undisclosed romantic relationship with a direct subordinate," AFP reported. 

The international company, known for its Nespresso products and KitKat chocolate bars, said the decision was made after an internal investigation.

In a swift decision, the board appointed Nespresso CEO Philippe Navratil as his successor.

"Laurent Frexe's departure is the result of an investigation into an undisclosed romantic relationship with a direct subordinate, which is a violation of Nestlé's code of ethics," the official statement said. 

According to the information, the investigation was conducted under the supervision of Chairman Paul Bulcke and Lead Independent Director Pablo Isla, with the support of external legal advisors.

"This was a necessary decision. Nestlé's corporate governance values and principles are a solid foundation for our company. I would like to thank Laurent for his many years of service," said Paul Bulcke. | BGNES