The chairman and three board members of Carrefour’s Turkish joint venture CarrefourSA have resigned in move apparently aimed at forcing the hand of its troubled French investor.
Outgoing chairman Haluk Dincer issued a statement blaming the resignations on the failure of Carrefour to provide “necessary support and assistance”.
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Dincer and the three departing board members were all appointed by the minority shareholder of the venture, Turkish group Sabanci. The conglomerate holds 38.8% of the venture, called CarrefourSA. Carrefour holds 58.2%, with 2.2% floated on the Istanbul stock exchange. CarrefourSA operates 243 retail outlets.
The resignations appear to confirm persistent rumours the two partners had fallen out and that Sabanci wants either to buy out Carrefour, be bought out by the French retailer or sell the company to a third party.
Despite problems, Carrefour has indicated it plans to remain in Turkey, where organised retail has grown from 25% of the market in 2000 to around 50%.
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By GlobalData
