The diaper group Ontex gives the leveraged fund ENA Investment Capital three seats on its board of directors. In total there will be six new seats.
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The adjustment of the board of directors of the Ontex diaper group comes after the leverage fund ENA has been demanding adjustments from the diaper group for some time. There was already a management change in which CEO Charles Bouaziz had to leave the field, but that was not enough for ENA.
GBL, which is an important shareholder together with ENA, is also looking at Ontex with sorrow. GBL will receive an extra seat with the reshuffle of the Board of Directors, which means that, like ENA, it will have three seats. There are also two independent directors who join the board.
They are usually solid names who join the board of directors, such as former Kimberly-Clark executives (Gustavo Calvo Paz and Rodney Olsen) and the former CEO of Lidl International (Jesper Hojer). The latter has been put forward by GBL. On the other hand, Gilberto Martin Quintero will disappear from the board of directors.
The reshuffle comes after Hans Van Bylen, who previously succeeded Luc Missorten as chairman, had partially reshuffled the board. This new adjustment comes from the shareholders. It remains to be seen whether Ontex, with its extensive board of directors, will be better able to offer its customers the right products at a good price. In any case, Ontex is facing a difficult year due to increased commodity prices.
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