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Danone’s board to meet this weekend as activists pressure Faber to quit: Le Figaro

FILE PHOTO: Emmanuel Faber, CEO of French food group Danone, attends the Latin America and Caribbean International Economic Forum at the Bercy Finance Ministry in Paris, France

PARIS (Reuters) – The board of French food company Danone will meet this weekend without its chairman and chief executive, Emmanuel Faber, who is under pressure from activist investors to leave following poor results, Le Figaro reported on Friday.

The meeting will be followed by a board meeting chaired by Faber on Sunday evening, the newspaper said.

The food group has responded to the investor pressure by saying it will split the chairman and chief executive roles and that Faber would stay on as non-executive chairman once a new CEO was found.

Bluebell, one of two activist investors that have led the campaign, said earlier this month that a continuing role for Faber as chairman would have a highly detrimental effect.

(Reporting by Richard Lough; Editing by Leslie Adler)

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