Danone Starts Search for New CEO as Faber to Give Up Role
- Faber will give up executive functions, become chairman
- Bluebell Capital says Danone should bring in CEO from outside
Emmanuel Faber
Photographer: Christopher Goodney/BloombergThis article is for subscribers only.
Danone said Emmanuel Faber will step down as chief executive officer in an attempt to alleviate pressure from shareholders who have called for new management to revive the world’s largest yogurt maker.
Danone said late Monday it will separate the chairman and CEO positions, which Faber, 57, has held for the past three years. Once the company finds a new CEO, Faber will become non-executive chairman. The stock fell as much as 2.3% in Paris.