Maison du Monde SA on Thursday, April 30, said activist Teleios Capital Partners had agreed to back two new directors put forward by the home decor and furniture company.
Nantes, France-based Maison du Monde said that after consultation with major shareholders, including Teleios, the nomination and compensation committee recommended Thierry Falque-Pierrotin and Laure Hauseux. The company will hold its annual general meeting on June 12.
“These appointments have Teleios’ full support at the upcoming general meeting,” Teleios co-founder Adam Epstein said in a statement. “We are confident that this renewed board, strengthened by the experience of Thierry and Laure, has the expertise to guide Maisons du Monde through this challenging time and into the future.”
Falque-Pierrotin was the CEO of French retailer Darty from 2009 to 2013 and held positions at Gucci parent Kering SA. Hauseux is an independent director at Casino Guichard-Perrachon SA, held positions at Fnac SA and Conforma Italia SpA, according to BoardEx, a sister company of The Deal.
The Zug, Switzerland-based hedge fund is the company’s largest shareholder with a 19.9% stake.
The pair are set to replace Gilles Petit, who decided to not stand for re-election, and Nicolas Woussen, who has expressed his intention to step down for personal reasons.
The board will also create a strategic committee, which will be chaired by Falque-Pierrotin.
Teleios has been buying shares in Maison du Monde on the open market since last year and has almost doubled the size of its stake since September last year, when it revealed a 5.3% stake that already made it the group’s biggest shareholder.
The activist in March recommended that the retailer seek support from major shareholders before making appointments to the board. This was backed by shareholder Weinberg Capital.
Maisons du Monde was controlled by Bain Capital LLC until May 2016 when the private equity shop sold down its holding in a public offering that valued the company’s equity at €769 million ($823.7 million).
The retailer’s shares have lost 37.2% since the beginning of the year, trading at €8.17 and giving the company a market capitalization of €369.6 million.