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.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies