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January 18, 2012

FRANCE: Carrefour silent on renewed CEO speculation

Carrefour, Europe's biggest retailer, is tight-lipped over renewed speculation that it has approached Georges Plassat to replace chief executive Lars Olofsson.

Carrefour, Europe’s biggest retailer, is tight-lipped over renewed speculation that it has approached Georges Plassat to replace chief executive Lars Olofsson.

Plassat, the head of French fashion retail group Vivarte, rebuffed an approach from Carrefour in November, according to media reports.

But today (17 January) The Financial Times reported Plassat is still in talks about taking the top spot, citing sources familiar with the matter.

A spokesman for Carrefour said: “We are not commenting on this. We have a policy of not commenting on speculation. It’s a recurring rumour and we know that Reuters said Plassat has been approached twice and refused.”

The rumours come at with uncertainty surrounding the French retail giant. Carrefour has announced numerous profit warnings last year and also faces dissent rom investors.

In December there were reports that Carrefour shareholder Knight Vinke Asset Management, a US investment fund, was in negotiations about a seat on the board and in October, Knight Vinke urged the French retail giant to appoint an independent chairman.

Carrefour will report its 2011 sales results tomorrow morning.

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