Business

Danone confirms ousting of Faber as chairman and CEO after activist pressure

The board of French food group Danone said on Monday that Emmanuel Faber would step down as chairman and CEO, adding that Gilles Schnepp, who joined as a director late last year, had been appointed non-executive chairman with immediate effect.

Danone had come under pressure in recent months from several shareholders, including investment fund Artisan Partners and activist investor Bluebell Capital, to replace Faber at the helm.

Faber had already said earlier in March he would give up his role as CEO, but stay on as chairman.