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- 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.