PARIS — Earlier this month it was announced that Danone was separating the roles of chairman and chief executive officer. Emmanuel Faber, who had held the dual position since 2015, was said to be stepping aside as CEO and would become non-executive chairman. Now he is no longer with the company.
To fill the voids, Véronique Penchienati-Bosetta, currently CEO of Danone International, and Shane Grant, currently CEO of Danone North America, will jointly lead the business while the company searches for a new CEO. Gilles Schnepp is now the chairman of the board.
Danone has been under pressure from activist investors to consider a new governance structure and strategy. In the announcement, the company said it is a necessity to combine high economic performance and respect Danone’s business model as a purpose driven company.
“The board and I want to thank Emmanuel for his leadership and significant contributions to Danone since 1997, and since 2014 as CEO and then chairman and CEO,” Mr. Schnepp said. “His vision and commitment to “one planet one health” are ahead of the industry and have ensured that Danone is a world leader on sustainability. He leaves Danone with a strong platform from which to accelerate and grow.”
Danone reported flat 2020 financial results on Feb. 19. Net income was €1.96 billion ($2.35 billion), equal to €2.99 per share on the common stock, and a slight increase over 2019 when the company earned €1.93 billion, or €2.95 per share.
Annual sales fell to €23.62 billion ($28.41 billion) from €25.29 billion the year prior.