Danone's board of directors has "
compromised
" with activist funds, said Wednesday the ex-CEO of the group Emmanuel Faber, for whom this board is "
not in a position today to ensure the defense.
Of this French flagship.
Read also: Danone: behind the scenes of the board of directors that ousted Emmanuel Faber
"
When we allied ourselves in this way, and compromised in this way, unfortunately I think that this council is not in a position today to ensure the defense and the sovereignty of Danone
", he declared. during a hearing by the Economic Affairs Committee of the National Assembly.
Asked by AFP, the Danone group did not react.
At the end of a sling of shareholders combined with internal divisions, Emmanuel Faber was ousted in mid-March from the head of the agri-food group.
Investment funds criticized the group for insufficient performance, especially in terms of profitability, which Emmanuel Faber challenged on Wednesday, citing a "
false subject
".
Council reform deemed "
very urgent
"
He was replaced as Chairman of the Board of Directors by Gilles Schnepp.
Antoine de Saint-Affrique was recently appointed Chief Executive Officer.
He will take up his post on September 15.
“
The activists came because of the dysfunction of the council.
They are as much the consequence of it as they are the cause,
"said the former leader, noting to speak now"
as a simple French citizen
".
"
Some activists inside the council have used these shareholder activists for purposes which were personal to them and which led to the result which we only see the beginning today, with my departure
", he added, also judging that "
rearguard visions
" won the day.
Read also: Who is Antoine de Saint-Affrique, the man who must redress Danone?
"
This council, at least some of its members, but collectively in the end, allowed an extremely unhealthy game with activists
", he declared a little later. “
When you start a game like this, it's hard to stop it,
” he continued. According to Emmanuel Faber, the reform of the council is "
very urgent
". Deploring a form of “
self-help
”, he more generally pleaded for reforming the functioning of boards of directors in France and in Europe, in order to “
provide them with a backbone
”.
