Nestle CEO Schneider was ousted after underperformance

ZURICH/LONDON, Aug 25 (Reuters): Nestle CEO Mark Schneider was ousted in a sudden decision by the world's biggest foodmaker as a result of the group's underperformance, three sources familiar with the matter told Reuters on Friday.

Nestle announced Schneider's departure late on Thursday following a board meeting and appointed company veteran Laurent Freixe as its new CEO. This put an end to a near eight-year tenure by Schneider, a 58-year-old German, the first company outsider to lead Nestle in nearly a century.