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Danone: Gilles Schnepp replaces Emmanuel Faber at the head of the group

2021-03-14T22:07:26.609Z


INFO LE FIGARO After nine months of governance crisis, the board of directors of the group recorded this Sunday evening the departure of the CEO.


This is the epilogue of several months of governance crisis at Danone.

Meeting this Sunday from 6 p.m., the group's board of directors recorded in the evening the departure of its CEO, Emmanuel Faber.

The latter had been in the hot seat for months.

Some of the directors criticized him for his solitary and authoritarian management style, while activist shareholders publicly demanded his departure.

Read also: Danone's board of directors on the verge of implosion

On March 1, Emmanuel Faber agreed to initiate the process of separating the functions of Chairman and Chief Executive Officer.

This new governance was supposed to come into force when the future operational boss took office, Emmanuel Faber then focusing on the functions of president.

But the delay in launching the selection process for the future CEO, and the current CEO's desire to influence the choice of his successor, convinced the board to take matters back in hand.

The board of directors elected Gilles Schnepp as its chairman.

This 62-year-old former CEO of Legrand was co-opted into the Danone board in mid-December, with a vocation to become lead director at the end of the general meeting on April 29.

But on March 1, Emmanuel Faber had succeeded in requiring the appointment of one of his relatives, Jean-Michel Severino, as lead director.

Read also: "We just want Danone to be managed properly"

The new chairman of the board of directors will have to speed up the process of recruiting the future CEO.

The uncertainty about the future role of Emmanuel Faber having been lifted, the headhunting could be carried out in more serene conditions.

The board has already identified several candidates.

Source: lefigaro

All business articles on 2021-03-14

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