PARIS — Valeo CEO Thierry Morin was feeling feisty this month during a press conference after the release of the French supplier's year-end results.
Morin talked about the supplier's 17.7 percent increase in annual operating profit to 319 million euros ($469.0 million at current exchange rates) on sales of 9.7 billion euros ($14.26 billion). But he also gave some unsolicited advice to one of the company's major shareholders and criticized General Motors.
Speculation remains strong that the major shareholder — New York City hedge fund Pardus Capital Management LP — wants more control at Valeo. The fund increased its stake in the supplier to 19.7 percent in January from 16.3 percent.
Morin said he has heard "four different strategies from Pardus at different times. It depends on the day."
Then he added this suggestion: "To enter this business, you ought to know it very well before you start making hasty decisions."