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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

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.

Just Food Excellence Awards - The Benefits of Entering

Gain the recognition you deserve! The Just Food Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving food industry advancements. Don’t miss your chance to stand out—submit your entry today!

Nominate Now