Blog: Delhaize shares climb as CEO steps down
Michelle Russell | 8 May 2013
Surprisingly, Delhaize saw its share price climb this morning (8 May) on news that its CEO Pierre-Olivier Beckers is to retire at the end of the year.
Of course the share rise could have been down to the fact the Belgian retailer also booked a return to profit in the first quarter, but the news of a CEO departure is usually enough to send share prices plummeting. Investors do not like the unknown.
Speculation will no doubt now be about who will replace Beckers. And they will be big boots to fill. The chief executive has been at the helm for 15 years and seen Delhaize through a challenging few years and implemented a thorough revamp of its US Food Lion stores in a bid to halt falling sales. Any new CEO will need to see this through as well as offering a fresh perspective on the retailer's future, both at home and in its US market where it generates 64% of sales.
Delhaize said it is looking both internally and externally for candidates and expects to have a new chief executive in place by the end of the year. So, watch this space.
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