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Global consumer goods leader the Swiss conglomerate announced it will eliminate sixteen thousand jobs over the next two years, as the recently appointed chief executive Philipp Navratil advances a initiative to focus on products offering the “most lucrative outcomes”.

The Swiss company has to “evolve at a quicker pace” to keep pace with a changing world and embrace a “results-oriented culture” that does not accept declining competitive position, said Mr Navratil.

He replaced former CEO the previous leader, who was dismissed in the ninth month.

These workforce reductions were made public on Thursday as Nestlé shared better revenue numbers for the initial three quarters of the current year, with expanded sales across its primary segments, encompassing hot drinks and snacks.

The biggest consumer packaged goods company, this industry leader owns hundreds of brands, among them well-known names in coffee and snacks.

Nestlé intends to get rid of 12,000 professional jobs alongside four thousand additional positions throughout the organization during the next biennium, it announced publicly.

The workforce reduction will cut costs by the food giant around 1bn SFr (£940m) per annum as a component of an continuous efficiency drive, it confirmed.

Nestlé's share price increased by more than seven percent soon after its trading update and job cuts were made public.

Mr Navratil stated: “We are fostering a organizational ethos that embraces a results-driven attitude, that does not accept competitive setbacks, and where success is recognized... Global dynamics are shifting, and the company requires accelerated transformation.”

This transformation would encompass “tough but required choices to reduce headcount,” he said.

Financial expert Diana Radu remarked the report indicated that Mr Navratil seeks to “bring greater transparency to areas that were once ambiguous in its expense reduction initiatives.”

The job cuts, she said, are likely an attempt to “reset expectations and rebuild investor confidence through measurable actions.”

Mr Navratil's predecessor was terminated by the company in the start of last fall subsequent to an inquiry into reports from staff that he did not disclose a personal involvement with a immediate staff member.

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

It was reported at the period that stakeholders blamed the former chairman for the company's ongoing problems.

The previous year, an investigation revealed its baby formula and foods sold in emerging markets contained undesirably high quantities of sugar.

The research, by a Swiss NGO and the International Baby Food Action Network, established that in many cases, the equivalent goods available in affluent markets had no extra sugars.

• Nestlé manages numerous product lines worldwide.
• Layoffs will affect 16,000 workers throughout the next two years.
• Cost reductions are anticipated to total 1bn SFr annually.
• Equity increased significantly after the announcement.