On January 15, 2019, Elliott Management Corporation announced that its representatives and Pernod Ricard SA's management were due to meet January 15, 2018, as Elliott Management continues to push for change at the Company. Elliott Management stated that it is expected to present a list of possible independent directors as it pushes its case that the board of the Company lacks industry expertise and independence. Elliott Management stated that it remains hopeful it can work with the Company's Chairman and CEO Alexandre Ricard, whose family owns a 14.2% equity stake and has 20.11% of the voting rights. Elliott Management stated that its plans for a corporate governance overhaul and a new cost savings plan are uncontroversial and that the Company's margins could be improved to match those of rival Diageo plc, adding about €450 million ($515 million) to profit, equal to about 29% of the Company's net profit of €1.48 billion for the year ending June, 2018. Elliott Management added that plan could include the sale of some smaller assets but is focused on operational improvements that would likely involve a significant reduction in personnel.