Emmanuel Faber, who has been the chairman of the board of French company Danone since 2014, resigned due to increasing pressure from shareholders.
Investors Danoneciting mediocre share prices and underperforming brands, as Turkey’s sales and margin growth have underperformed some of its competitors in recent years. Emmanuel faberI wanted the resignation of.
Individuals, companies and funds that try to have a say in management by raising shares of public companies are called “activist investors.”
These people made Emmanuel Faber, who was the chairman of the Board of Directors of the French Danone, one of the world’s food giants, leave his post since 2014.
Been under pressure for a while
Danone has been under pressure in recent months to remove several shareholders, including mutual fund Artisan Partners and activist investor Bluebell Capital, from the company’s CEO position, Emmanuel Faber.
After that, Faber recently said he would step down as CEO but remain president.
Faber, who became CEO in 2014 and later assumed the role of president, was dedicated to health foods, including acquiring WhiteWave in 2016.
Citing the company’s lackluster share price and underperforming milk and water brands, activist investors called for Faber’s firing.
Danone announced in the statement that the Chairman of the Board of Directors, Emmanuel Faber, has resigned. Instead, he was named non-executive chairman of Gilles Schnepp, who joined the board of directors in December. Until a new CEO is appointed for the company, two Danone executives, Véronique Penchienati-Bosetta and Shane Grant, will lead the company.
Shares of the French food group rose 4.2 percent on news of Emmanuel Faber’s departure.