Danone‘s Board of Directors has announced that it will separate the functions of Chairman and CEO, effective upon the appointment of a new CEO. Following the appointment, the company’s current CEO, Emmanuel Faber, will take on the role of non-executive Chairman.
In the meantime, Emmanuel Faber will continue as Chairman and CEO. Meanwhile, the Board of Directors has made other changes to continue strengthening Danone’s governance. It has decided to appoint Gilles Schnepp as Vice-Chairman, together with Cécile Cabanis, and to entrust the responsibilities of Lead Independent Director and Chairman of the Governance Committee to Jean-Michel Severino.
Commenting on the appointment, Jean-Michel Severino, said: “It is an honour to become the next Lead Independent Director of Danone. I have served the company and its mission as Board director for the last ten years as member of the CSR Committee and then Chair of the Audit Committee. I thank the Board for entrusting me with this role, which will be of critical importance in the transition phase we are entering. I also look forward to being in charge of continuing a fruitful dialogue with our shareholders.”
Current CEO Emmanuel Faber commented, “I am pleased we took the governance arrangements that will allow us to anticipate the next phase of development of the truly unique company Danone is, as we open a new step towards the company’s reinvention. I want to thank all our shareholders, my colleagues of the Board, our employees and social partners who contributed to making these decisions emerge. I am convinced they will make the execution of our plan and our mission much stronger.”
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