Valeo, under pressure from activist shareholder Pardus Capital Management to overhaul their strategy to boost their valuation, said they have made headway on improving profitability.
At Valeo’s recent annual shareholders’ meeting, CEO Jacques Aschenbroich told shareholders that the French-based supplier are confident they will meet their annual goals despite higher raw material prices. “We made enormous progress on profitability, after a year we doubled our share price, but there is still a shortfall,” he said. Last month, Pardus deplored the discount at which Valeo stock trades compared with that of their peers.
Amongst other business at the shareholder meeting, financial statements for 2010 were approved. Terms of office for Directors Jacques Aschenbroich, Gérard Blanc, Pascal Colombani, Michel de Fabiani, Michael Jay, Helle Kristoffersen, and Georges Pauget were renewed, and the coöptation of Ulrike Steinhorst as Director was ratified. Thierry Moulonguet was appointed as a new Director; most of his career has been with the Renault Group, which he left at the end of this past March.
