Activist contributor Bluebell Capital wants CEO Ilham Qadri to leave Solvay. The fund accuses Kadri of not tackling environmental problems at an Italian factory.
This is evidenced by a letter Bluebell Capital Partners wrote to Nicholas Boyle, the chemical company’s chairman. Bluebell deplored that Kadri would not address the environmental problems on the Tuscan coast near Rusignano. There is Solvay
Sodium carbonate plant. According to Bluebell, Solvay dumps chemical waste into the sea. Solvay has always denied this, stating that he only dumps harmless, non-toxic and natural substances into the sea.
Bluebell raised the issue last year, resulting in a major article in Britain’s Financial Times. Rosignano looks like a pure Caribbean coastal town, but that apparent paradise is an illusion. It’s an open landfill for Solvay chemical industrial waste, Giuseppe Bivona, co-founder of Bluebell, said at the time.
Snow white sludge
Solvay responded that it meets all environmental requirements, although the discharges are visible. Sludge is snowy white due to the remnants of lime and gypsum it contains. Meanwhile, the plant, along with the entire soda branch, was housed in a separate entity. Some say with the intent to sell it.
Elham Kadri enjoys the full support of the Board of Directors as CEO.
However, Qadri’s position appears secure. “Ilham Kadri has the full support of the Board as CEO,” says Chairman Boël in response. Since her appointment in 2019, she has taken bold steps to shape the company’s strategy and align the portfolio with strong sustainability trends. As a result, Solvay delivers on its promise to create value for shareholders, customers and all stakeholders.”
This isn’t the first time that Bluebell has called for top CEOs to go. At the beginning of this year, the activist investment fund asked Danone CEO Emmanuel Faber to resign, because he had taken too little action, causing Danone to lag behind competitors such as Nestle and Unilever. Meanwhile, Faber To replace The door Antoine de Saint-Afrique.
According to the Financial Times, Bluebell manages more than 60 million euros. The fund often cooperates with the American activist Elliott Management Fund.
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