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Danone confirmed earlier this week that its chief executive officer, Emmanuel Faber, is leaving the company. He will step down as the company’s chief and chairman following the mounting requests for him to be ousted.
Not an amicable departure
As per Reuters, Faber was expelled by Danone's board, and the shareholders want him to be replaced as soon as possible. The 57-year-old French businessman who is known to be an environmental advocate was pressured to leave as the company’s sales continue to decline.
The shareholders are also not happy as Danone’s rivals have shown a big profit margin in recent years, and their company is lagging behind. As Faber departs from his post, he will be replaced by Gilles Schnepp, the recently appointed director of the company.
Schnepp will immediately take over, and Veronique Penchienati-Bosetta, the CEO International, will work with the North America branch’s CEO Shane Grant as the deputy CEO for the meantime.
“The immediate priority of the new chairman, together with the board, will be to lead the transition, including the search for a new CEO,” the board members said via press release. On the other hand, the newly-appointed CEO said that he is pleased to be given a chance to lead the company.
“I am honored to be appointed as Chairman of the Board of Danone at this important time for the company,” Schenepp said. “I have tremendous regard for Danone’s history and its contribution to society through its world leading healthy food and beverages and commitment to sustainability.”
Effects of the change in Danone’s leadership
While the situation of ousting a CEO is not pleasant, it was reported that stocks of Danone rose by 4.2 percent just after the news of Emmanuel Faber’s departure was announced. Apparently, it was a welcomed change since it is still a business where the company needs to do its best to strive in the competitive market.
In any case, Faber was Danone’s CEO since 2014. He led the company for almost seven years and pushed for a healthier food lineup. Under his leadership, they acquired WhiteWave, a US-based consumer packaged food, and beverage company that helped boost Danone’s sales.
