FMCG giant Nestle has said that it will cut 16,000 jobs over the next two years, as per an official press release.
The update comes after a Fortune report of tech firm Amazon planning to layoff 15% of its HR staff.
12,000 of the jobs to be cut will be white collar professionals.
Nestle showed a nine-month sales growth of 3.3%, of which 0.6% was real internal growth and 2.8% was driven by pricing.
A surge in organic growth was noted across all zones and global businesses. Total group sales over a nine month period were 65.87 billion Swiss francs.
“Driving RIG-led growth is our number one priority. We have been stepping up investment to achieve this, and the results are starting to come through. Now we must do more and move faster to accelerate our growth momentum,” said CEO Philipp Navratil.
With reference to the job cuts, Navratil said “The world is changing, and Nestlé needs to change faster. This will include making hard but necessary decisions to reduce headcount over the next two years. We will do this with respect and transparency,”
According to Google Finance, Nestlé shares closed at a price of 83.21 Swiss francs