February 6, 2023

French dairy food giant Danone is looking to “explore strategic options”, including a potential sale of its organic dairy activity in the U.S., comprised of the Horizon Organic and Wallaby businesses, the company has announced.

The move is an additional step in the portfolio review and asset rotation programme which the company announced in March 2022, as part of its Renew Danone strategy.

Horizon Organic and Wallaby are strong brands in the U.S. organic dairy category, with a
portfolio of organic dairy products, including milk, creamers & whiteners, yogurt, cheese, and
butter. They represent approximately 3% of Danone’s global revenues and had a dilutive
impact on Danone’s like-for-like sales growth and recurring operating margin in 2022.

CEO Antoine de Saint-Affrique, said: “Both Horizon Organic and Wallaby are strong, much-loved brands with compelling growth opportunities. That said, seen through the lens of our Renew Strategy which requires us to stay disciplined in
how we allocate our resources, they fall outside our priority growth areas of focus.

“We are confident that exploring strategic options for these brands will enable them to get the focus and resources they need and therefore allow them to maximize their potential and
unlock further growth.”

This news comes just weeks after Danone North America announcing the launch of new dairy-free innovations Silk Mocha Almond Creamer and So Delicious Dairy Free French Vanilla Coconut milk Creamer.

As part of its Renew Strategy Danone has also announced the appointment of three Group Deputy CEOs with extended responsibilities, to “better connect categories and regions and further elevate its ability to perform in the market”.

Reporting to Antoine de Saint-Affrique, CEO, they will drive the delivery of the Renew Danone strategy, the company said.

• Véronique Penchienati-Bosetta, currently CEO International, is appointed Group
Deputy CEO, CEO International and EVP Specialized Nutrition, Waters, Global Marketing
& Digital. As CEO International, she will oversee Europe, CNAO (China, North Asia, and
Oceania) and Rest of the World (CIS, AMEA). In addition, she will be responsible for the
Specialized Nutrition and Waters categories, and Global Marketing & Digital.

• Shane Grant, current CEO of North America, is appointed Group Deputy CEO,
CEO Americas and EVP Dairy, Plant-Based and Global Sales. As CEO Americas, he will
oversee NORAM (North America) and LATAM (Latin America). In addition, he will be
responsible for the Global Dairy and Plant-Based category (EDP) and Global Customer
& Commercial Leadership.

• Juergen Esser, current Chief Financial, Technology and Data Officer, is being appointed
Group Deputy CEO in charge of Finance, Technology & Data.

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