Carrefour has remained silent on reports that the company’s vice-chairman Jean-Martin Folz has resigned in protest at the retailer’s spin-off plans.

According to a report in French daily La Tribune, Folz tendered his resignation and left the company’s board last week – on the same day as Carrefour unveiled its strategy to spin-off hard discount banner Dia and a 25% stake in its property unit.

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Carrefour has come under attack over the proposals, with some analysts suggesting that the move will fail to return value to shareholders. Meanwhile, the Standard and Poors rating agency downgraded the group from its A- rating to BBB+, claiming that the move signifies a willingness to limit financial flexibility in order to appease shareholders looking for a quick return.

A spokesperson for the company declined to comment on the reports.

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