Nestle is replacing Chief Executive Mark Schneider with long-serving executive Laurent Freixe, the company said on Thursday( 22 August.

Schneider has decided to relinquish his roles as CEO and member of the Board of Directors after eight years leading the company, Nestle said.

Nestle has struggled recently, last month cutting its full year sales outlook, saying it had had to slow its price hikes as cash-strapped customers become more price conscious.

Laurent Freixe will be taking over the position of CEO at Nestle.