Nestle announces plan to cut 16,000 positions worldwide in two years

Nestle, the Swiss food giant whose brands include Nespresso coffee and Perrier water, will eliminate 16,000 jobs worldwide over the next two years, its new chief executive announced Thursday. "The world is changing, and Nestle needs to change faster," Philipp Navratil, who took the reins of the multinational in early September, said in a statement as the company published nine-month figures showing sales down by 1.9 percent to 65.9 billion Swiss francs (71 billion euros).