A company logo of the French food group Danone on a truck in Mexico City, Mexico. Picture: REUTERS/EDGARD GARRIDO
CEO Emmanuel Faber, who started the year with a focus on sustainability, is changing tack to address internal management shortcomings. The company has struggled for years to breathe life into its European dairy division despite introducing dozens of new products. Now with the pandemic, its bottled water division is reeling as restaurants shut down.
Danone is abandoning multiple layers in its hierarchy, which had been based on global product categories, to give more authority to local management. Competitors such as Nestlé have long followed a regional strategy. Investors want more portfolio changes and sweeping personnel changes amid discontent with Faber, a survey showed in October.
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