News – FR – Danone: CEO Emmanuel Faber will let go of general management

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Challenged within the board of directors, the CEO agreed to immediately start the process of recruiting a new operational boss

Faced for several months with a sling within his board of directors, Emmanuel Faber, the CEO of Danone, managed to save his post of chairman, but he will soon have to give up the position. general management

Monday evening, after three hours of intense debate, the board of the French agribusiness giant has certainly “renewed its support” for Emmanuel Faber But the intransigent leader had to accept the dissociation of the functions of chairman and general manager, without obtaining that this intervene only at the end of the general assembly of ” April 2022 The board of directors is now launching the process of recruiting the new operating boss

Joined Danone in 1997, Emmanuel Faber, a graduate of HEC, was appointed Chief Executive Officer of the group in October 2014 He combined both functions since December 1, 2017: on that day, his predecessor Franck Riboud became honorary chairman of the group built by his father Antoine

This separation of functions was essential to put an end to the sling within the board of directors that occurred in mid-October following the announcement of the surprise departure of CÃ © cile Cabanis, the financial director of Danone

It remains to be seen whether it will be enough to calm the pressure of the two activist shareholders, the Bluebell Capital funds and especially Artisan Partners, which owns more than 3% of Danone The latter are calling for the outright departure of Emmanuel Faber and the abandonment of his Local First reorganization project, to which the board renewed its unanimous support on Monday.

Eager to give Emmanuel Faber a top exit, the board has appointed Jean-Michel Severino, one of his relatives, as senior administrator He will also chair the governance committee Gilles Schnepp, who was co-opted on the board in mid-December to become lead director, will simply be vice-chairman, just like CÃ © cile Cabanis

the 03/01/2021 at 10:52 PM

A lesson for those who believe that shareholders are uselessWho pays orders, it’s been true since antiquity!

the 03/01/2021 at 10:51 PM

President, it’s nice, we touch the attendance tokens but it’s the GM who does all the work

the 03/01/2021 at 10:47 PM

In the “gilding” of the boards of directors, it is common “currency” Not enough to make a national scoop Moreover, it is certain that EFaber has already been booked for a long time for another big group

Danone, Emmanuel Faber, Chief Executive Officer, Chairman and CEO

News – FR – Danone: CEO Emmanuel Faber will let go of general management

Source: https://www.lefigaro.fr/economie/danone-emmanuel-faber-va-lacher-la-direction-generale-20210301