Emmanuel Faber ousted from the head of Danone

Danone’s Board of Directors “Terminated the functions” of his boss Emmanuel Faber ” with immediate effect “, after several months of sling of shareholders who challenged his strategy, according to a press release published on Monday, March 15 by the agri-food group, confirming information from “Figaro”.

At Danone, Faber is not done with the slingshot

The former boss of electrical equipment manufacturer Legrand, Gilles Schnepp, will take the head of the board of directors. While waiting to find a new general manager “International in scope”, an interim duo has been appointed “To ensure business continuity”.

Dissociation of functions

Emmanuel Faber, 57, had been CEO since 2014 and CEO since 2017. For several weeks he had been facing a sling of shareholders, who had notably demanded the separation of the functions of Chairman and CEO in order to restore new vigor to the group, battered by the Covid-19 pandemic.

Emmanuel Faber released ballast on 1er March, the council voting the principle of the separation of the two positions, the outgoing CEO retaining the presidency. But two days later, the investment fund Artisan Parters, which was campaigning for the departure of Emmanuel Faber, had said to encourage “Strongly the council to review its position”.

How Danone CEO got angry with (almost) everyone

This fund, Danone’s third shareholder with around 3% of the capital, called for the appointment of ” at once “ a president “Truly independent”.

Artisan Partners and another shareholder fund, Bluebell Capital Partners, wanted an outright departure from Emmanuel Faber, judging that under his leadership Danone had declined compared to its main competitors.

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