Danone restructures top posts

The chairman and CEO functions are being separated, with the chairman’s duties strengthened, at dairy giant Danone. Franck Riboud remains chairman of the board, while Emmanuel Faber has been appointed chief executive officerAs part of this new governance structure, Bernard Hours’ mandate as Co-COO was terminated.

This change in governance, which took effect on 1 October 2014, reflected Riboud’s desire to concentrate on the key strategic issues facing Danone in the medium and long term and to lay the groundwork for a smooth succession, according to the company.

Using the same rationale, the Board of Directors voted to set up its own Strategy Committee, headed by the chairman with the participation of the CEO. Addressing this decision, Riboud says, “I joined Danone 33 years ago and have managed our day-to-day operations for over 18 years. During that time, our company has undergone incredible change and we have achieved the goals we set back in 1996. I want to ensure that Danone has everything it needs to lay the groundwork for its future. Which is why I recommended separating the functions of chairman and chief executive officer and paving the way for the arrival of a new generation to guide Danone.

“Since 1997, Emmanuel Faber has worked with me on the executive committee and the board, playing a critical role in making and deploying all major decisions concerning Danone.”