The crossing of the desert by Emmanuel Faber, CEO of Danone

2,000 job cuts, management turnover... the pressure is all the more intense for the boss of the multinational as the frustration of the market now crystallizes on him.

Since Emmanuel Macron had Alexandre Benalla applauded there by the majority deputies in July 2018, the gardens of the Maison de l'Amérique latine, in the 7th arrondissement of Paris, are no longer so secret. But they remain very pleasant. Especially in this beautiful late afternoon of an unconfined September 7, 2020.

On the stoop, Franck Riboud, former CEO of Danone, presents the insignia of Knight of the Legion of Honor to Cécile Cabanis, Chief Financial Officer of the food group (and member of the Supervisory Board of Le Monde). In front of them, Danone's staff and directors, bankers and lawyers. "It's you who does everything at Danone," said the son of the founder, who is still a director of the group, to his former partner. Not a word for Emmanuel Faber, the CEO, who, in the front row, remains of marble. The atmosphere is murky. What crisis is brewing at Danone? ask the guests.

Defections

The answer came out in broad daylight on October 16, when Cécile Cabanis, after sixteen years at home, bowed out. Just as the resignation in September of Francisco Camacho, the experienced boss of dairy and vegetable products, was due to a reorganization that didn't suit him, so the resignation of the number two, a loyal member of the faithful, was shocking. Including on the board of directors of Danone.

For Emmanuel Faber, these defections come at the worst possible moment, as he faces the rising discontent of investors. For those who doubted it, it is not because the shareholders voted on June 26 at 99.42% to transform Danone into a "company with a mission", the only one in the CAC 40, that they forget the stock market price at half-mast.