Antoine de Saint-Affrique

Antoine de Saint-Affrique became CEO of Danone in September 2021, recruited to execute a turnaround after activist investors — led by Artisan Partners and Bluebell Capital — forced out his predecessor Emmanuel Faber in one of Europe's most dramatic boardroom coups. The Belgian executive, who previously led Swiss chocolate maker Barry Callebaut, inherited a company that had underperformed peers for years despite owning some of the world's most recognized food brands. Danone operates in three segments: Essential Dairy & Plant-Based (Activia yogurt, Actimel probiotic drinks, Alpro plant-based products), Waters (Evian, Volvic, Badoit — premium mineral waters), and Specialized Nutrition (Aptamil and Nutricia infant formula, medical nutrition). The company has operations in over 120 countries and a strong presence in both developed and emerging markets. De Saint-Affrique's turnaround plan focuses on simplifying the portfolio (divesting underperforming brands and geographies), renovating core brands (reformulating products, refreshing packaging, investing in marketing), improving operational efficiency, and rebuilding margins. Key stock drivers include organic revenue growth acceleration, operating margin expansion, the performance of the infant nutrition business in China, water segment recovery, competitive dynamics against Nestlé and Unilever, and the success of plant-based product lines in an increasingly crowded market.