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Birthday : 01/22/1964
Place of birth : Grenoble (Isère) - France
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Danone needs new independent chairman instead of Faber, says investor Artisan

03/03/2021 | 04:55am EDT
FILE PHOTO: Danone Chief Executive Emmanuel Faber

PARIS (Reuters) - U.S investment company Artisan Partners on Wednesday said that Danone needed to appoint a new, independent chairman, adding more pressure on Emmanuel Faber who holds that position at the French food company.

This week, Danone said Faber - who until now has combined the CEO and chairman roles - would stay on as chairman and oversee the search for a new chief executive.

"With Mr. Faber as chairman, the incoming CEO will not have the appropriate latitude to set a new direction," wrote Artisan, which has a stake of around 3% in Danone.

Artisan Partners' letter to Danone's board of management echoed a similar position from investment company Bluebell, which also said Danone should appoint another independent chairman instead of Faber.

Activist investors say Danone - whose brands include Evian and Actimel - needs a management revamp as they believe that under Faber's tenure, Danone's sales growth, margins and share price have lagged rivals, including Perrier-owner Nestle and Unilever, the maker of Cornetto ice cream and Lipton tea.

(Reporting by Gwenaelle Barzic, Benoit Van Overstraeten, Sudip Kar-Gupta; editing by Jason Neely and Louise Heavens)

© Reuters 2021 / Crédit photo © Maxppp
Stocks mentioned in the article
ChangeLast1st jan.
NESTLé S.A. 0.44% 106.4 Delayed Quote.4.26%
UNILEVER PLC 0.11% 4168 Delayed Quote.-5.19%
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