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Emmanuel Faber’s role at Danone is over and done. After having to step aside as CEO earlier, he now loses his position of chairman as well.
Continued criticism
According to Belgian newspaper De Tijd, the French food giant’s poor results are at the root of the redundancy. In recent months, Faber has come under attack by various activist investors such as Bluebell Capital Partners. They have started to complain increasingly about Danone’s ailing stock price, especially in comparison to its rivals such as Unilever and Nestlé.
The dissatisfaction led to Faber’s departure as CEO earlier this month. At the time, it seemed as if he would be able to stay on as chairman, but he now has had to resign from that role as well.
Faber joined Danone in 1997 and was appointed CEO of the group in October 2014. Since December 2017, he was also chairman.
To find another CEO, Danone is now counting on new chairman Gilles Schnepp. The latter became best known for his role as CEO of Legrand. Between 2006 and 2018, Schnepp successfully led the French electrical installation equipment giant.
