- Push-out Score determined
- After about six and a half years in the position
- Search for a successor
- Faber will remain as non-executive Chairman at Danone
- Faber said 81 words
(exechange) — Paris, France, March 1, 2021 — Emmanuel Faber, chief executive of Danone, leaves his position. As announced by Danone SA in a news release on Monday, March 1, 2021, Emmanuel Faber leaves his post as chief executive officer at the multinational food-products corporation after about six and a half years in the role, effective upon the appointment of a new CEO.
Danone will undertake a search for a successor.
“Separate the functions of Chairman and CEO”
Danone did not give an explicit reason for Emmanuel Faber’s departure from the CEO post, leaving room for speculation. Danone said: “Following a meeting on March 1st, Danone’s Board of Directors reviewed the company’s corporate governance and decided, on a proposal from Emmanuel Faber, to separate the functions of Chairman and CEO in the near future. The separation will be effective upon the appointment of a new CEO.”
Faber will remain as non-executive Chairman at Danone
“The process to recruit a new CEO has been launched and once complete, Emmanuel Faber will focus on his role as non-executive Chairman,” Danone said.
Share price decline since March 2016
The announcement follows a decline in Danone SA’s share price of 13% since March 2016.
In the position of CEO since 2014
Emmanuel Faber became CEO of the Company in 2014.
Emmanuel Faber began his career as a consultant at Bain & Company before working as an investment banker at Baring Brothers.
He moved to Legris Industries, where he was named Chief Executive Officer in 1996.
Emmanuel Faber joined Danone in 1997 as Chief Financial Officer, Strategy, and became member of the company’s Executive Committee in 2000.
In 2005 he took up the position of Vice-President for the Asia-Pacific region.
In 2008, Emmanuel Faber was appointed Deputy General Manager and, in 2011, he became Vice-Chairman of the Board of Directors.
In October 2014, he became Danone’s Chief Executive Officer.
Since December 1, 2017, he is also Chairman of the Board.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Emmanuel Faber’s move on a scale of 0 to 10.
exechange reached out to Danone and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 10.2021 ($).