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Global consumer goods leader Nestlé announced it will eliminate 16,000 positions over the next two years, as the recently appointed chief executive the company's fresh leader advances a strategy to concentrate on products offering the “most lucrative outcomes”.

The Swiss company must “change faster” to stay aligned with a evolving marketplace and embrace a “performance mindset” that does not accept ceding ground to competitors, said Mr Navratil.

His appointment followed former CEO the previous leader, who was terminated in the ninth month.

The job cuts were made public on Thursday as Nestlé reported improved sales figures for the first nine months of the current year, with higher sales across its key product lines, encompassing beverages and confectionery.

Globally dominant packaged food and drink company, Nestlé owns a multitude of brands, among them Nescafé, KitKat and Maggi.

The company plans to eliminate 12,000 administrative positions alongside four thousand additional positions across the board during the next biennium, it said in a statement.

These job cuts will result in savings of the food giant about 1bn SFr (£940m) each year as part of an ongoing cost-savings effort, it confirmed.

Nestlé's share price rose 7.5% soon after its quarterly update and job cuts were made public.

The CEO said: “We are cultivating a organizational ethos that welcomes a results-driven attitude, that refuses to tolerate market share declines, and where success is recognized... The marketplace is evolving, and the company requires accelerated transformation.”

This transformation would include “tough but required decisions to trim the workforce,” he said.

Equity analyst Diana Radu said the announcement indicated that the new CEO seeks to “enhance clarity to sectors that were previously more opaque in the company's efficiency strategy.”

These layoffs, she explained, are likely an effort to “recalibrate projections and restore shareholder trust through concrete measures.”

His forerunner was dismissed by Nestlé in early September following a probe into whistleblower allegations that he did not disclose a private liaison with a immediate staff member.

The former board leader the ex-chairman brought forward his exit timeline and left his post in the same month.

Media stated at the moment that stakeholders held accountable the former chairman for the firm's continuing challenges.

In the prior year, an study discovered Nestlé baby food products marketed in low- and middle-income countries had undesirably high quantities of added sugars.

The analysis, carried out by advocacy groups, found that in numerous instances, the equivalent goods available in wealthy countries had no added sugar.

• The corporation operates numerous product lines globally.
• Workforce reductions will affect sixteen thousand employees over the coming 24 months.
• Cost reductions are projected to amount to CHF 1 billion annually.
• Equity rose 7.5% after the announcement.