February 22, 2013 / 4:06 PM / 5 years ago

UPDATE 1-Activist investor Eric Knight joins Darty board

* Darty appoints Knight as non-executive director

* Knight’s firm had demanded seat on Darty board last week

Feb 22 (Reuters) - Darty Plc, Europe’s third largest electrical goods retailer, bowed to the demands of its largest shareholder, activist investor Knight Vinke, and appointed its CEO to its board.

Knight Vinke, which owns 25 percent of Darty, demanded a seat on Darty’s board after the retailer issued a profit warning last week.

The retailer, formerly named Kesa, said Eric Knight will join the board immediately as a non-executive director.

The company had warned that its full-year adjusted pretax profit was unlikely to meet the lower end of current market expectations, pegged at 30 million euros (about $40 million).

The France-based retailer has been reviewing its operations and selling loss-making units as it fights aggressive discounting from online retailers and stagnant demand across its markets in Europe.

Darty’s shares were up 1 percent at 47.04 pence at 1601 GMT on the London Stock Exchange on Friday. They have fallen more than 40 percent over the past year.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below