Danone Shares Edge Up After Faber Drops CEO Role Following Investor Pressure

PARIS – An activist investor in French food group Danone said Emmanuel Faber needs to be removed as chairman to allow the company to make a fresh start, rejecting a proposal from the board to hire a new chief executive.

Shares in Danone slipped on Tuesday after the company said Faber – who until now has combined the CEO and chairman roles – would stay on as chairman and oversee the search for a new chief executive.

Bluebell, one of two activist shareholders that have led a campaign for a shakeup, said in a letter to Danone’s Vice-Charman Gilles Schnepp that the changes were a positive first step but not enough.

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