The billionaire investor is accusing the Swiss-based global food giant -- whose brands include KitKat chocolate bars and Haagen-Dazs ice cream -- of a "muddled strategic approach" and a lack of urgency in keeping up with competitors. "Nestle's insular, complacent, and bureaucratic organization is overly complex, lethargic, and misses too many trends," Loeb wrote in a letter to the company's top management that was made public late Sunday. His activist fund, Third Point, took a $3.5 billion stake in Nestle a year ago, saying it would push for a new strategy to help the company improve its sales and profitability.