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Danone Moves To Boost Its Board's Independence

French food group Danone said on Monday it was naming departing finance chief Cecile Cabanis as non-executive vice chairman of the board and appointing three new independent board members in a bid to improve its governance.

Danone, which said the move followed 'a phase of active dialogue with shareholders', said it was setting up a strategy committee to monitor the progress of its global plan to adapt its business to the COVID-19 crisis.

Last month, Danone unveiled plans to cut up to 2,000 jobs, trim product ranges and reorganise its global business to become leaner and more agile in a post-COVID environment.

Danone announced in October that Cabanis would leave her previous role as chief finance officer in February and would be replaced by Juergen Esser, but Cabanis will now remain to take on the new role as non-executive vice chairman.

'Strengthened Governance'

“I believe strengthened governance will play a key role in the successful roll-out of our Local First plan, and I’m delighted that proposals to achieve this have been unanimously approved by the Board," commented Emmanuel Faber, Danone chief executive.

"I am also glad to see that our Board will include 50% women and 71% independent directors starting with the Annual General Meeting in April 2021." [Pic:©Moovstock/123RF.COM]

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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