Danone board ousts Faber as chairman after activist pressure

Danone board ousts Faber as chairman after activist pressure

News: Danone board ousts Faber as chairman after activist pressure.

PARIS (Reuters) – French food giant Danone’s board of directors voted on Sunday to oust Emmanuel Faber as chairman, Le Figaro newspaper reported, adding that he would be replaced by Gilles Schnepp, who stepped as director late last year.

Danone had come under pressure from several shareholders in recent months, including mutual fund Artisan Partners and activist investor Bluebell Capital, to replace Faber at the helm.

Faber had already announced in early March that he would be giving up his role as CEO, but would continue to be chairman. Danone could not be reached immediately for comment.

Reporting by Sarah White and Gwenaelle Barzic; Edited by Daniel Wallis

Original Source © Reuters

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