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March 15, 2021 1:27 pm
Multinational dairy giant Danone has announced a changing of the guard at top level, revealing that its board has decided to replace its current CEO and chairman.
In a statement today (Monday, March 15), the firm behind the Activia, Actimel and Alpro brands revealed a shake-up of key governance changes.
Danone has a sizeable presence in Ireland, operating two baby formula production plants in Wexford and Macroom, Co. Cork.
“The board has decided that Emmanuel Faber will step down as chairman and CEO,” the statement said.
As a consequence, it has appointed Gilles Schnepp as chairman of the board with immediate effect.
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Danone said on Sunday it was taking a first step towards selling off its stake in its Chinese dairy partner as the French food group faces pressure from shareholders to improve its performance and. | March 6, 2021
Danone prepares to sell US$1bn stake in Mengniu
Bloomberg
Danone SA is paving the way to sell its stake in China Mengniu Dairy Co (中國蒙牛乳業) later this year by converting the investment into a direct holding.
The 9.8 percent stake is held indirectly and has a book value of 850 million euros (US$1.03 billion), the world’s largest yogurt maker said in a statement on Sunday.
The majority of the proceeds would be returned to shareholders through a share buyback program.
Danone SA chief executive officer Emmanuel Faber poses ahead of a press conference in Paris on Feb. 16, 2018. The French company plans to sell its stake in China Mengniu Dairy Co later this year by converting the investment into a direct holding.