The eco decryption. Why Emmanuel Faber, the boss of Danone, has landed
Emmanuel Faber is leaving Danone. The shareholders managed to oust him from the group. A board of directors on Sunday March 14 approved his immediate departure.
Emmanuel Faber was under pressure from certain shareholders, that of foreign investment funds: in particular a Briton, Bluebell, and an American, Artisan Patners, who owns 3% of Danone's capital. Both claimed the head of this atypical boss, a graduate of HEC, who joined Danone in 1997. Emmanuel Faber has spent most of his career in the agri-food group, succeeding Franck Riboud, and had modernized the company. But it was surprising in the classic world of bosses. For example, he was one of the first to lower his remuneration, to donate part of his income to associations. In the 90s, he published a book against the abuses of finance, he did not hide his environmental convictions either.
Emmanuel Faber was supported by the unions, despite the announcement of a restructuring plan which provided for 2 job cuts out of 000 in the world. In recent weeks, he had given pledges to his shareholders, in particular by agreeing to drop the post of CEO, but that was not enough.
Not enough profit
He is criticized for not having made enough profits for the shareholders, for having cut back on their dividends. Certainly, Danone has planned to pay this year, but not enough for these investment funds. Last year, the Danone share lost 27% on the stock market, but the group remains profitable, and has a turnover of 24 billion euros. Profitability, however, less good than its competitors, Nestlé or Unilever.
Emmanuel Faber defines himself as a social boss, responsible, to the point of inscribing his convictions in black and white in the company's statutes, since he had made Danone the first company with a CAC 40 mission, that is to say - to say that the group undertakes not to consider the only financial profits to define its strategy.
Emmanuel Faber is replaced by Gilles Schepp
The former boss of Legrand, 62, takes over the chairmanship of the board. He joined Danone last December and is clearly in the hands of the American investment fund, Artisan.
But beyond the men, the departure of Emmanuel Faber is a small earthquake in the business world. This is a sign that foreign activist funds have taken control of this French flagship. That traditional capitalism finally opposes a real resistance to reform, to develop its software, even in a world crossed by the Covid-19.
https://www.francetvinfo.fr/replay-radi ... 15341.html
Ah, the neo-liberal system is beautiful ... let's trust it to change the world .............................. to his profit.