Danone SA (BN.FR) said late Thursday that its board of directors has proposed the appointment of Sodexo SA (SW.FR) chief executive Michel Landel as lead independent director as from April 26, 2018.
The French company said it will request shareholder approval for the appointment of Mr. Landel as a board member at its next shareholders meeting.
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The board also decided that following such an appointment, Mr. Landel would be appointed lead independent director and chairman of the nomination and remuneration committee, said Danone.
He will replace Jean Laurent who won't stand for reelection at the end of his current term of office.
Mr. Landel, who is also chairman of the executive committee of Sodexo, began his career at Chase Manhattan Bank and Groupe Poliet, before joining Sodexo more than 30 years ago. He has served as chief executive at Sodexo since 2005 and will step down at the next annual shareholders meeting on Jan 23, 2018.
Danone said that as lead independent director, Mr. Landel will oversee the running of the company's governance structure.
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(END) Dow Jones Newswires
December 15, 2017 03:09 ET (08:09 GMT)