LONDON, Sept 11 Reuters In early 2021, investment management firm Artisan Partners sent an open letter to an incoming member of Danone39;s board, saying it had built a stake of more than 3 in the French food giant. On almost every measure, Danone39;s performance has lagged, Artisan said, and called for change.

About a month later, Danone39;s thenCEO and chairman, Emmanuel Faber, was ousted and its board overhauled in a highprofile victory for shareholder activism.

Today, Artisan, which manages about 146 billion, is Danone39;s top shareholder with a 7 stake, according to LSEG data. David Samra of Artisan39;s International Value team, which seeks investment opportunities in undervalued businesses, said more changes may be coming.

I wouldn39;t be surprised if there39;s more turnover at the very senior levels, Samra told Reuters, noting the very mediocre performance of Danone shares. If somebody is not performing, we will get new people.

Danone, the maker of Activia yogurt and Evian bottled water, did not respond to a request for comment.

The company39;s stock has declined around 13 in the past two years. Unilever and other large rivals have also underperformed the EURO STOXX Consumer Products and Services EUR Price index over the past year.

Reuters spoke to four shareholders that have launched activist campaigns who said that some big consumer goods companies are ripe for executive changes after failing to impress. The sources declined to name specific companies, in…