Oct. 16 (UPI) -- Nestle said Thursday that thousands of jobs will be cut only weeks after a new CEO took the helm of the globe's largest food and beverage company.
The Switzerland-based multinational food and drink conglomerate announced 12,000 white-collar an corporate jobs will be slashed. It added 4,000 jobs over the next two years will also be cut in its bid to streamline operations.
On Thursday, Nestle's value on New York's Stock Exchange traded 9% higher at one point despite some concern.
"We are transforming how we work, the firm's new CEO Philipp Navratil wrote in a LinkedIn post.
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