Danone to replace bulk of board after investor onslaught

The original article can be found here.

Article highlights:

  • Danone said it would replace almost its entire board months after activist investors forced the ousting of the French food and beverage giant’s CEO;
  • Among the casualties is former CEO Franck Riboud, who is the son of Danone’s founder, and whose successor Emmanuel Faber was summarily dismissed in March under pressure from rebelling shareholders;
  • Only the recently-appointed chairman of the board Gilles Schnepp and two staff representatives on the 12-person body would remain;
  • Faber’s dismissal followed months of complaints from foreign shareholders about Danone’s underperforming share price.