Colombian retailer Exito, in which French retailer Casino holds a majority stake, has appointed Carlos Mario Giraldo as CEO to replace retiring Gonzalo Restrepo Lopez.

Exito said yesterday (19 February) Lopez, who has headed up the group for 22 years, is leaving to “dedicate himself to his family and to new activities related to the development of Colombia”, the retailer said.

As a result, Exito has appointed COO Giraldo to the role with effect from 19 March. He has held the COO position for five years and has 18 years of consumer and retail industry experience, including 13 years at Mexican confectioner Nutresa.

The announcement comes as Exito revealed a 22% increase in full-year profit to US$858.7m for the year to the end of December. Operating profit was up 16.7% to $494.2m, while sales climbed 15.7% to $10.2bn.