IAAF president Sebastian Coe said he is dismayed by Nestle's decision to end its association with the governing body amid a corruption scandal.
With the IAAF accused of covering up doping in athletics, Nestle terminated its sponsorship agreement a year ahead of schedule on Wednesday due to fears that links with the organisation would lead to negative publicity for the Swiss-based food and beverage company.
Nestle has sponsored the IAAF's Kids Athletics programme since 2012.
And embattled Coe hit back furiously on Thursday, releasing a short statement which read: "Angered and dismayed by today's kids' athletics announcement.
"We will not accept it. It's the kids who will suffer."
Earlier on Wednesday, Nestle had said: "We have decided to end our partnership with the IAAF Kids' Athletics program with immediate effect.
"This decision was taken in light of negative publicity associated with allegations of corruption and doping in sport made against the IAAF.
"We believe this could negatively impact our reputation and image and will therefore terminate our existing agreement with the IAAF, established in 2012.
"We have informed the IAAF of our decision and await a formal acknowledgment from them that our partnership has ended."
The IAAF then responded with a statement of its own: "The IAAF is in discussion with Nestle concerning the final year of its five-year partnership with IAAF Kids' Athletics.
"This has been a successful programme with 15 million kids aged 7 to 12 years in 76 countries taking part in fun team activities which promotes a healthy, active life style.
"In 2016 IAAF Kids' Athletics plans to reach a further 15 countries, training 360 lecturers, instructing 8640 Physical Education teachers, with three million children participating by the end of the activation."