By Richa Naidu

Nestle SIX:NESN CEO Philipp Navratil said on Tuesday that artificial intelligence could drive corporate efficiencies that could save money, including through cutting jobs.

One of Navratil's first moves as CEO was to announce 16,000 job cuts in October.

Navratil said AI was a huge opportunity to drive growth and said jobs would be shifted into areas that can focus more on certain consumers.