They continue to sign: On Wednesday, Donnon CEO Emmanuel Faber was appointed to the Board of Directors of the Investment Fund for the exit campaign. It called for a “reconsideration” of its decision to keep Paper as chairman of the committee.
“We urge the board to reconsider its position,” the U.S. Financial Crafts Association wrote in a letter to its board of directors on Wednesday.
The fund, which is Danon’s third shareholder with 3% of the capital, should “immediately” appoint a “truly independent” leader to replace Emmanuel Paper.
On Monday evening, the board of directors of the French company Agrifood announced that Emmanuel Faber would no longer hold all the caps as chairman of the board: he would remain chairman of the board, but should be replaced in public administration.
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Bluebel Capital Partners and Artisan Partners wanted funding rather than separating the functions of chairman and managing director: they campaigned for Emmanuel Paper’s explicit expulsion, judging that Danon was down compared to its main competitors.
Monday’s announcements mark the first “positive steps,” artisan partners comment. “However, unfortunately,” US finance continues, and expected profits will be “compromised by maintaining Mr. Paper as president”.
“The next CEO will not have the flexibility to set a new direction. Instead, there will be a new CEO to implement the strategy that Mr. Faber has already laid out,” the artisan associates said. In terms of finances, this situation compromises the chances of a person of “international status” gaining office.
In a separate letter, Bluebell Capital Partners, which weighs the least in capital – Mr. He also believes that retaining Paper as president “will seriously affect the team’s ability to attract the right talent.”
“In order for a CEO to succeed, he / she needs the authority to independently determine the company’s strategy in an environment that is not constrained by previous team decisions, and particularly important changes. ‘Less performance to impose after long-term performance,’ London-based activist fund Pings
Fear of “social breakdown”
Both funds recommend Gilles Schnep, the former boss of electrical equipment manufacturer Legrand, to head the group. He has been appointed vice chairman of the committee, along with Cecil Cabanis, Danon’s former chief financial officer.
These shareholders are asking that the restructuring and cost-cutting plan initiated by Emmanuel Faber be at least suspended until the new CEO takes office, and then the latter are asked whether they will verify it.
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Danon On Monday, Danon was appointed to oversee Emmanuel Paper on a “daily basis with the confidence and unanimous support of the Board,” with an appointment pending to replace him, meanwhile implementing a global restructuring program known as “Local First”.
Management is considering the plan, which is currently being negotiated with the unions, to make Danon more “active” and create savings by removing hierarchical layers. 2,000 job cuts are planned.
Three of the group’s four unions (CFE-CGC, FO, CFDT) have shown some relief after retaining Emmanuel Paper as president.
Protecting the “person of the paper” as a model for a company that wants to care about the environment and its employees is not so much a question of focusing on financial performance, as the FO’s Laurent Bowlan refers to. Fears “dissolution” and “social breakdown” if funds succeed.
At 1:00 pm on the Paris Force, the title fell 0.78% to 55.68 euros on the rising CAC40. The move was 80 euros eighteen months ago.