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Food and beverage giant Nestlé announced it will eliminate sixteen thousand positions within the coming 24 months, as the recently appointed chief executive Philipp Navratil pushes a plan to prioritize products offering the “most lucrative outcomes”.

The Swiss company must “adapt more quickly” to keep pace with a changing world and adopt a “results-oriented culture” that refuses to tolerate ceding ground to competitors, said Mr Navratil.

His appointment followed former CEO Laurent Freixe, who was terminated in September.

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

Globally dominant food & beverage corporation, Nestlé operates a multitude of labels, among them well-known names in coffee and snacks.

The company aims to get rid of twelve thousand white collar jobs in addition to four thousand further jobs across the board over the coming 24 months, it stated officially.

The workforce reduction will cut costs by the food giant approximately one billion Swiss francs per annum as part of an ongoing cost-savings effort, it stated.

Nestlé's share price rose seven and a half percent shortly after its performance report and job cuts were announced.

Nestlé's leader stated: “We are building a organizational ethos that adopts a achievement-oriented approach, that will not abide competitive setbacks, and where winning is rewarded... The world is changing, and the company requires accelerated transformation.”

This transformation would involve “hard but necessary actions to reduce headcount,” he said.

Market analyst an industry specialist stated the update signalled that the new CEO wants to “bring greater transparency to sectors that were once ambiguous in the company's efficiency strategy.”

These layoffs, she said, are likely an effort to “recalibrate projections and regain market faith through measurable actions.”

His forerunner was sacked by the company in the beginning of the ninth month following a probe into reports from staff that he failed to report a private liaison with a junior employee.

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

It was reported at the moment that shareholders attributed responsibility to the outgoing leader for the company's ongoing problems.

The previous year, an study discovered infant nutrition items from the company marketed in low- and middle-income countries included unhealthily high levels of added sugars.

The study, carried out by advocacy groups, established that in numerous instances, the same products available in wealthy countries had no added sugar.

• Nestlé owns numerous labels globally.
• Job cuts will affect sixteen thousand employees throughout the next two years.
• Expense cuts are projected to total 1bn SFr per year.
• Share price climbed 7.5% following the news.