PARIS – Emmanuel Faber has served as chief executive officer and chairman of Danone since 2015. Now the company is separating the roles and Mr. Faber will continue as non-executive chairman once a new CEO has been hired.

The decision follows pressure from investors for Danone’s board of directors to reconsider the company’s strategy and governance.

In November, the company announced sweeping reorganization plans to reduce internal complexity and remove layers of management to make the company more efficient. The plan will reduce costs by $1.19 billion by 2023 and lead to the elimination of 1,500 to 2,000 jobs.

Danone reported flat 2020 financial results on Feb. 19. Net income was €1.96 billion ($2.35 billion), equal to €2.99 per share on the common stock, and a slight increase over 2019 when the company earned €1.93 billion ($2.32 billion), or €2.95 per share.

Annual sales fell to €23.62 billion ($28.41 billion) from €25.29 billion ($30.41 billion) the year prior.