September 2, 2014 / 4:20 PM / 3 years ago

Danone names new CEO, Riboud remains as chairman

PARIS, Sept 2 (Reuters) - French food group Danone , which is grappling with sluggish sales of baby food in Asia and weak dairy revenue in Europe, said it would split the chairman and CEO functions, naming Emmanuel Faber as CEO, while current CEO Franck Riboud would stay on as chairman.

The change in governance, which will take effect on October 1, reflected Riboud’s “desire to concentrate on the key strategic issues facing Danone in the medium and long term and to lay the groundwork for a smooth succession,” the statement said.

Reporting by Dominique Vidalon, editing by Astrid Wendlandt

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