He had to give in.
Like a president of the Council of the Fourth Republic who no longer had a majority in the Chamber of Deputies, Emmanuel Faber (photo) had to give up his post as CEO of Danone.
In France, we are not used to these raids by shareholders who, although in the minority, win the head of the big bosses.
With us, the inter-self of the CAC 40 and the sluggishness of general shareholders' meetings in principle protect our CEOs from firedamp, just as the institutions of the Fifth Republic protect the Head of State.
Read also:
Danone: behind the scenes of the board of directors that ousted Emmanuel Faber
This end of the French exception in globalization risks further weakening a French economy which has played everything for decades on the power of a few large groups - unlike Germany and Italy, and their dense networks of SMEs.
So when these groups relocate, we have mass unemployment;
when they get swallowed up by foreigners, you lose an entire industry and skills.
We have seen it for Alcatel, Lafarge, or Alstom.
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