Lagardere pledges strategic overhaul under shareholder pressure

PARIS (Reuters) – French media group Lagardere’s board backed the renewal of Arnaud Lagardere’s mandate as managing partner and outlined a new strategy on Monday, pushing back against growing shareholder pressure for new leadership.

A new “strategic roadmap” approved by the board will focus on the group’s travel retail and publishing divisions as growth drivers, overseen by a newly enlarged management board, Lagardere said in a statement.

The supervisory board also approved Arnaud Lagardere’s renewal “in order to stabilise the group’s governance in a period without precedent”, the company statement said.

(Reporting by Laurence Frost; Editing by Sandra Maler)