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Food and beverage giant Nestlé announced it will remove 16,000 positions within the coming 24 months, as its new CEO the company's fresh leader pushes a plan to concentrate on products offering the “most lucrative outcomes”.

The Swiss company must “change faster” to remain competitive in a changing world and embrace a “results-oriented culture” that does not accept ceding ground to competitors, according to the CEO.

He took over from ex-chief executive Laurent Freixe, who was let go in last fall.

These workforce reductions were made public on Thursday as the corporation announced better sales figures for the first three-quarters of the current year, with expanded revenue across its key product lines, including hot drinks and snacks.

Globally dominant food & beverage company, Nestlé owns numerous product lines, like well-known names in coffee and snacks.

Nestlé plans to remove 12,000 white collar positions on top of four thousand further jobs company-wide over the coming 24 months, it said in a statement.

The lay-offs will save the food giant approximately CHF 1 billion annually as within an sustained expense reduction program, it confirmed.

The company's stock value rose 7.5% soon after its performance report and layoff announcement were announced.

Mr Navratil commented: “We are cultivating a corporate environment that embraces a achievement-oriented approach, that will not abide competitive setbacks, and where success is recognized... The marketplace is evolving, and Nestlé needs to change faster.”

The restructuring would include “difficult yet essential actions to trim the workforce,” he said.

Financial expert a financial commentator said the report signalled that the new CEO seeks to “increase openness to areas that were previously more opaque in Nestlé's cost-saving plans.”

These layoffs, she explained, appear to be an effort to “reset expectations and restore shareholder trust through measurable actions.”

The former CEO was terminated by the company in the start of last fall following a probe into internal complaints that he failed to report a romantic relationship with a immediate staff member.

The company's outgoing chair Paul Bulcke brought forward his exit timeline and resigned in the corresponding timeframe.

Sources indicated at the time that shareholders held accountable Mr Bulcke for the firm's continuing challenges.

In the prior year, an study found Nestlé baby food products marketed in emerging markets had unhealthily high levels of sugar.

The analysis, conducted by non-profit organizations, determined that in many cases, the equivalent goods available in developed nations had no added sugar.

• Nestlé owns numerous brands globally.
• Workforce reductions will affect 16,000 staff members over the next two years.
• Cost reductions are projected to reach 1bn SFr annually.
• Equity climbed significantly after the update.