US investment fund Knight Vinke is reportedly in talks with Carrefour over taking a seat on the retailer’s board.
The Financial Times yesterday (20 December) reported that Knight Vinke, which owns 1.5% of the world’s second-largest retailer, was in regular dialogue with Carrefour and had been approached by other minority shareholders about the move, quoting people familiar with the situation.
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Both Carrefour and Knight Vinke refused to comment of the rumour.
In October, Knight Vinke urged the French retail giant to appoint an independent chairman following the latest in a series of profit warnings.
In an open letter to Carrefour’s board, shareholders and employees, Knight Vinke CEO Eric Knight cited the company’s “very poor performance” and raised concerns over a “worrying series” of management changes “and “serious governance issues”. Last month the company denied that CEO Lars Olofsson was on his way out following reports he was set to be replaced.
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