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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Danone    BN   FR0000120644

DANONE

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Investment funds turn up heat on Danone to name new CEO

02/26/2021 | 07:44am EDT
FILE PHOTO: Danone Chief Executive Emmanuel Faber

PARIS (Reuters) - U.S. investor Artisan Partners on Friday joined activist firm BlueBell Capital Partners in urging French food group Danone <DANO.PA to find a new CEO to improve its governance practices and speed up efforts to boost returns.

Chairman and Chief Executive Emmanuel Faber has come under growing pressure as activist shareholders push for changes at a group which has lagged some rivals during the COVID-19 pandemic.

Danone said in a statement sent to Reuters its board of directors and management team welcomed ideas from all shareholders, but did not answer calls for a new CEO.

"Understanding shareholder priorities is a top priority of the senior management team and the board of directors", the maker of Activia yoghurts said.

French daily Le Monde said Danone's board of directors was due to meet on March 1. Danone didn't confirm the meeting.

Artisan, which has a 3% stake in Danone, called for a split in the roles of CEO and chairman, echoing Bluebell's demands.

"The roles of CEO and chairman should be split to reflectmodern-day corporate governance. Governance standards also require that prior leadership leave the board. And logic demands more consumer goods experience on the board of directors," wrote Artisan.

"A new, non-financial CEO with consumer goods experience and a track record of success should be installed as soon as possible to restore Danone to the elevated status it deserves within the French business establishment."

Artisan has previously urged Danone to sell underperforming brands, such as Asian water label Mizone.

In recent months Faber had taken steps to try to ward off activist investors, announcing in November a plan to cut 2,000 jobs, trim product ranges and sell some assets, including the group's business in Argentina and its Vega plant-based brand.

(Reporting by Sudip Kar-Gupta, Benoit Van Overstraeten, Sarah White and Matthieu Protard. Editing by David Goodman and Mark Potter)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DANONE -0.10% 59.53 Real-time Quote.10.84%
EURO / ARGENTINE PESO (EUR/ARS) 0.47% 110.2859 Delayed Quote.6.91%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.35% 92.57 Delayed Quote.9.71%
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Financials
Sales 2021 23 775 M 28 315 M 28 315 M
Net income 2021 1 851 M 2 205 M 2 205 M
Net Debt 2021 11 664 M 13 892 M 13 892 M
P/E ratio 2021 20,8x
Yield 2021 3,33%
Capitalization 38 682 M 46 083 M 46 069 M
EV / Sales 2021 2,12x
EV / Sales 2022 2,03x
Nbr of Employees 100 383
Free-Float 91,8%
Chart DANONE
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Technical analysis trends DANONE
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 29
Average target price 60,66 €
Last Close Price 59,53 €
Spread / Highest target 17,6%
Spread / Average Target 1,90%
Spread / Lowest Target -24,4%
EPS Revisions
Managers and Directors
NameTitle
Véronique Penchienati-Bosetta Chief Executive Officer
Juergen Esser Chief Financial, Technology & Data Officer
Gilles Schnepp Non-Executive Chairman
Domitille Doat-Le Bigot Chief Digital Officer
Jean-Michel Sévérino Lead Independent Director
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