Nestle, whose brands include Nespresso coffee and Perrier water, announced on Thursday plans to cut 16,000 jobs worldwide over the next two years.
"The world is changing, and Nestle needs to change faster," chief executive Philipp Navratil, who took the reins of the multinational in early September, said in a statement.
That included making "hard but necessary decisions to reduce headcount", he said.
Navratil spoke as the company published nine-month figures showing sales down by 1.9 percent to 65.9 billion Swiss francs ($83 billion).
Global cuts
The job cuts represent about six percent of its staff.
The layoffs include 12,000 white-collar jobs over the next two years, saving the company one billion Swiss francs -- which it said was double what had been previously planned.
Another 4,000 job cuts are already underway in production and the supply chain.
Navratil said Nestle was increasing its savings target to three billion Swiss francs by the end of 2027, up from the previous target of 2.5 billion.
Nestle, which owns more than 2,000 brands, including KitKat chocolate bars, Maggi seasonings and Purina dog food, experienced a turbulent September, with the dismissal of its previous CEO over an office relationship.
