Hedge Fund: Teleios Presses for Changes to Maisons du Monde Board
Activist fund Teleios Capital Partners is pressing for changes on the board of Maisons du Monde.
The fund said it plans to push to appoint two independent board directors to the French furniture company. The hedge fund currently holds a 19.9% stake in the company, according to a statement released on Thursday.
Teleios Capital Partners
Teleios Capital Partners has proposed the addition of Thierry Falque-Pierrotin and Laure Hauseaux to the furniture firm’s board.
“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,” Teleios Co-founder Adam Epstein said.
The letter comes a month after the hedge fund wrote to the company’s board of directors and urged it to support input from shareholders before appointing new members. At the time, Teleios owned 13.3% of the company. It has since raised its stake. The March letter raised concerns about the company’s corporate governance, communication with shareholders, and operating performance.
The fund urged the board to consider their input before considering additions and even a new chairman. “We regret that our repeated attempts to have a constructive dialogue with the Board around these proposed appointments have been rejected,” Teleios said in that letter.
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