Knight Vinke gets seat on Darty board
The activist investor Knight Vinke has forced its way on to the board of the electricals retailer Darty, which yesterday issued a profits warning.
Knight Vinke, which in the past has opposed bonuses at HSBC, has exercised its right as a major shareholder to take a board seat at Darty, which it accuses of further dithering after taking more than six months to implement its recommendations.
Dominic Platt, acting chief executive of Darty, said: "We are confident of our three-stage plan, which involves eliminating losses in our non-core businesses, increasing profitability in France, Belgium and the Netherlands, and driving cost efficiencies which will restore shareholders value."
The group said it was "unlikely" to hit profits of €30m (£25m) for the year to 30 April. Darty runs the eponymous chain in France and sold UK retailer Comet for a token £2 a year ago.
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