Carrefour's new CEO makes public bow
Georges Plassat, the new chief executive at the world's second-largest retailer, addressed the company's AGM this week. How does he intend to turn around the French retail giant?
After a poor year for Carrefour and the departure of its CEO, the market has waited to see what new boss Georges Plassat plans for the French retail giant.
The new chief executive of Carrefour, Georges Plassat, has said it will take around three years to turn the company around as it looks to focus on reducing debt and overhead costs as well as exiting non-core markets.
French retail giant Carrefour has sped up its transition to a new CEO, with Georges Plassat taking over the role a month early.
Carrefour CFO Pierre-Jean Sivignon has insisted he expects a series of measures to help improve the retailer's performance after it reported another quarter of falling sales in its domestic market.
Europe's largest retailer Carrefour reported a 14% fall in annual profits and said it would cut spending capex this year.
After a tumultuous three years at the helm of the world's second-largest grocery retailer, Carrefour chairman and CEO Lars Olofsson is set to be replaced by Georges Plassat.
Tesco executives may feel they have a lot on their plate but their "to do" list is not as long as that sitting in front of their counterparts across the English Channel at Carrefour.
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