Danone to combine CEO and chairperson role
French food company Danone, whose brands include activia and evian, will combine the functions of Chief Executive Officer (CEO) and chairperson, effective from 1 December.
Danone’s current CEO, Emmanuel Faber, who has served in the role of CEO since 2014, will succeed Franck Riboud as Chairman.
The board of the company, which earlier this week announced a reported sales increase of 16.6pc year-on-year to €6.4bn in the three months to 30 September, also approved a proposal to reduce the size of the management committee from nine people to six.
Mr Riboud will become honorary chairman of Danone and will continue to serve as a director of the company and a member of the strategic committee of the board.
"[The] announcement reflects the culmination of a planned leadership transition process that I initiated for Danone’s top management three years ago and that has allowed the company, under Emmanuel Faber’s leadership, to enter a new development phase.
Combining the Chairman and CEO roles will solidify this momentum," Mr Riboud said.
Earlier this week, a sales update from Danone showed that the company had experienced a very strong performance in its specialised nutrition business, where sales increased 17.8pc in the three months to 30 September.
The strong performance reflected accelerating growth in infant formula sales in China, as well as progress in Danone’s strategic priorities, such as the expansion of tailored nutrition products, which grew at a mid-teen percentage in the three month period.