London-based activist fund Bluebell Capital Partners has called on French dairy giant Danone to separate its top roles and look for a new chief executive.

Bluebell expressed these demands in a letter to Danone sent in mid-November, around the time the activist took a stake in the company. The fund did not reveal the size of its investment but this is most likely below 5%, the reporting threshold in France.

Bluebell said in the letter seen by Activist Insight Online that Danone should initiate a search for a new CEO and split the chairman and chief executive roles, which are currently held by Emmanuel Faber, due to what the activist sees as “disappointing” stock performance.

Bluebell claimed Danone has fallen behind peers Nestlé and Unilever in terms of total shareholder return since Faber took over in October 2014 and added that the company “missed most of its operational objectives” laid out in May 2017.

“The underperformance of Danone’s share price has been driven, in our view, by a combination of poor operational record and questionable capital allocation choices,” said Bluebell Chief Investment Officer Francesco Trapani and Portfolio Manager Nicolas Ceron in the letter.

Danone reacted by saying in an emailed statement to several media outlets that it was “highly focused on delivering long-term sustainable value for our shareholders.”

The activist also touched on Danone’s dealmaking, saying the company overpaid for WhiteWave, the organic and plant products specialist bought for 12.5 billion euros in 2016, and then failed to deliver on the promised cost savings and growth targets.

Faber and his team are under pressure to turn around performance at the yogurt maker after seeing the company’s shares lose more than a quarter in value last year. In November they unveiled a plan to streamline operations that included job cuts, a reduced product range, and a reorganization of its governance with a new locally-focused corporate structure under six separate zones.

Around a month after Bluebell’s letter, which also criticized CEO Faber for failing to keep top managers inside the company, Danone named departing Chief Financial Officer Cécile Cabanis to the newly created role of non-executive vice chairman and announced the creation of a strategy transformation committee.

Shares in Danone were trading up 1.6% at 55.60 euros each as of 10:45 a.m. Central European Time on Tuesday, after gaining 2% the previous day, when news of Bluebell’s letter first surfaced.