Nestlé's CEO Ousting Sends European Shares Sliding
European shares fell, affected by Nestlé's decision to remove CEO Laurent Freixe after a year in charge. The removal, due to his undisclosed relationship with a subordinate, led to a decrease of 3.2% in Nestlé's shares. Focus also remained on eurozone inflation, expected to stay stable at 2%.
European shares experienced a decline on Tuesday following Nestlé's dismissal of its Chief Executive Officer, Laurent Freixe, just a year after taking the role. The Swiss food giant faced scrutiny as Freixe was ousted for failing to disclose a romantic relationship with a subordinate.
This decision resulted in a 3.2% drop in Nestlé's stock, contributing to a broader 0.1% decline in the STOXX 600 index, with the food and beverage sector experiencing the largest sectoral downturn at 1.2%.
Amidst this corporate shakeup, market attention also turned toward the impending eurozone inflation report. Economists predict that inflation will remain steady at 2% annually, adding another layer of anticipation for investors tracking economic indicators closely.
(With inputs from agencies.)
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