PARIS (Reuters) – The board of French food group Danone on Sunday voted to oust Emmanuel Faber, Le Figaro newspaper reported, as the group tries to draw a line under regulatory crisis and growing pressure from shareholders.
Faber, who had recently announced his resignation as CEO but will remain as chairman to try to attract critics, will replace the recently appointed director Gilles Schnepp. , said Le Figaro.
Danone and Faber could not be immediately reached for comment.
Danone had come under pressure in recent months from a number of shareholders including investment fund Artisan Partners and venture investor Bluebell Capital, which urged Faber to leave and the group to improve bring to fruition.
They had also backed Schnepp, who used to run the electricity company Legrand and was named to the Danone board in December, as a desirable candidate as chairman.
The sudden shake-up now leaves Danone under pressure to quickly find a new Chief.
“In fact, the work now begins with the Board looking to appoint a world-class Chief Executive,” Bluebell said in a statement late on Sunday, adding that he was pleased with the outcome so far. seo.
“We are confident that, under the leadership of Mr Schnepp, Danone will reverse the path of profitable growth while maintaining a focus on sustainability. ”
Investors had noted the slow performance of the Danone market and weaker sales growth than some of its peers over the past year, and criticized some strategic and low-level decisions. Danone’s investment in areas such as marketing.
Problems at the world’s largest yogurt maker, which also makes bottled water in Evian, have been exacerbated by the COVID-19 pandemic, which hit its sale to the housing sector. -food for example.
Faber, who has been CEO since 2014 and later took over as chairman, has championed environmental issues and more sustainable ways of doing business, earning his followers among some staff.
But recent regulatory changes and a systematic review have divided board members, people close to the issue have said before.
Reciting with Sarah White and Gwenaelle Barzic; Edited by Stephen Coates