PARIS (dpa-AFX) - French dairy giant Danone SA (DANOY.PK) announced Thursday that its Board of Directors has unanimously voted to combine the functions of Chairman and Chief Executive Officer. Emmanuel Faber, who has served as CEO since 2014, has been appointed Chairman and CEO of Danone, effective December 1.
As previously announced, the transitional period of enhanced Chairmanship coming to an end this year.
The company noted that Faber will succeed Franck Riboud as Chairman. 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.
Current Director Benoît Potier, Chairman and CEO of Air Liquide, will succeed Riboud as Chairman of the Strategic Committee.
In addition, on the scheduled expiration of his term in April 2018, current Lead Independent Director Jean Laurent, 73, will not stand for re-election.
These changes are part of the Board's ongoing and proactive focus on its composition and refreshment, with the aim of continuing to have the most relevant international and consumer sector expertise on the Board to ensure impactful contributions, while meeting the highest independence and diversity criteria.
Riboud said, 'Today's 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, creating a direct bridge between the Board and management that will enable the company to continue to execute on its strategy, speak with a unified voice and make decisions in an agile and transparent manner.'
Danone has also announced enhancements to its Executive Committee structure in order to promote efficient and agile decision-making against a backdrop of fast-moving industry trends.
The new streamlined Executive Committee will consist of three business and two functional leaders under the leadership of Faber.
Copyright RTT News/dpa-AFX