Emmanuel Faber has resigned as chairman of Danone SA, just two weeks after he stepped down as CEO.
Emmanuel Faber has resigned as chairman of Danone SA, just two weeks after he stepped down as CEO.
Danone had announced on March 1 that the roles of chairman and CEO would be separated, and that Faber would henceforth be “non-executive chairman.” The new move marks his complete separation from the company.
Danone underperformed during the pandemic relative to many large food companies, with sales dropping 6.6% (although profits edged up 1.4%). Activist investors had called for Faber’s resignation, complaining that Danone’s sales and stock price weren’t where they should be.
Danone will search for a new CEO. In the interim, the company will be jointly led by Veronique Penchienati-Bosetta, CEO of Danone International, and Shane Grant, CEO of Danone North America.
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