PARIS: The Board of Danone has decided that Emmanuel Faber will step down as Chairman and CEO. As a consequence, it has appointed Gilles Schnepp as Chairman of the Board with immediate effect.

The Board has decided to appoint Véronique Penchienati-Bosetta, currently Chief Executive Officer International, and Shane Grant, currently Chief Executive Officer North America, to jointly lead the business while the search for a new CEO is underway. Véronique Penchienati-Bosetta (CEO) and Shane Grant (deputy CEO) will work together, with a focused attention on operational execution and delivery.

The immediate priority of the new Chairman, together with the Board, will be to lead the transition, including the search for a new CEO. Danone has appointed an international search agency to support the process.

Gilles Schnepp and the Governance Committee will oversee the search to ensure that a world leading CEO is found. In his overall mission, Gilles Schnepp will be supported by the Executive VP Chairman’s Office, Laurent Sacchi, the Chief Financial Officer, Juergen Esser and the full Executive Committee.

The Board believes in the necessity of combining high economic performance and the respect of Danone’s unique model of a purpose-driven company, built on the strength of its brands and enabled by the outstanding quality of its teams.

Gilles Schnepp, Chairman of Danone, said: “I am honoured to be appointed as Chairman of the Board of Danone at this important time for the company. I have tremendous regard for Danone’s history and its contribution to society through its world leading healthy food and beverages, and commitment to sustainability.

The priority of the Board is now to transition towards an improved governance. This means accelerating the process to recruit a new CEO, while Véronique and Shane continue to lead the business during this period. I look forward to working with the Board to support them in their interim roles, and the wider management team as they accelerate our efforts to create value for all our stakeholders.”

“The Board and I want to thank Emmanuel for his leadership and significant contributions to Danone since 1997, and since 2014 as CEO and then Chairman & CEO. His vision and commitment to One Planet. One Health are ahead of the industry and have ensured that Danone is a world leader on sustainability.

He leaves Danone with a strong platform from which to accelerate and grow. I also want to take this opportunity to thank Danone employees around the world that continue to work to grow and build the business for all consumers, customers and stakeholders.”

Danone is a leading multi-local food and beverage company building on health-focused and fast-growing categories in 3 businesses: Essential Dairy & Plant-Based products, Waters and Specialized Nutrition. www.danone.com