The board of French food giant Danone said that Emmanuel Faber would step down as chairman and chief executive, adding that Gilles Schnepp, who joined as a director late last year, has been appointed nonexecutive chairman.
Faber has been with Danone since 1997, becoming chief executive in 2014 and then chairman and chief executive.
According to a press release, the immediate priority of the new chairman, together with the board, will be to lead the search for a new chief executive. Danone has also appointed an international search agency to support the process.
Danone had come under pressure in recent months from several shareholders to replace Faber at the helm.
