Danone (BN) split its chairman’s dual roles, appointing Emmanuel Faber to chief executive officer while Franck Riboud remains chairman amid declining profit at the world’s biggest yogurt maker.
The separation of the positions will help pave the way for “a smooth succession,” Paris-based Danone said yesterday in a statement. As part of the change, Danone expanded Riboud’s responsibilities as chairman and terminated Bernard Hours’ mandate as co-chief operating officer, a position he’s held jointly with Faber, 50, since 2007.
The new CEO has worked alongside Riboud, 58, since 1997. He’s promoted as pressure is rising for Danone to reorganize and seek businesses with better growth prospects. In July, Danone denied a report that it had started a review of its assets, while analysts at Natixis have said the company’s performance makes it vulnerable to a takeover.
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