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January 26, 2012

FRANCE: Carrefour to make CEO announcement in days

An announcement on the role of CEO at global retail giant Carrefour is looming, according to just-food sources.

An announcement on the role of CEO at global retail giant Carrefour is looming, according to just-food sources.

Shares in Carrefour jumped today (2 January) after renewed speculation in the French media about Vivarte head Georges Plassat replacing Lars Olofsson as the company’s CEO. Carrefour would not comment on the rumours.

However, just-food understands an announcement regarding the CEO role is forthcoming.

Since November, Plassat, the chief executive of the 4,500-store fashion retailer Vivarte and the former head of Carrefour’s operations in Spain, has been repeatedly linked with the top spot at the world’s second-largest retailer. The latest rumours saw Carrefour’s shares rise 5.8% to EUR17.87 (US$23.50) as of 11.20 CET this morning.

Carrefour is undergoing a tumultuous period. Last week it announced it is reviewing its much-vaunted Planet hypermarket format after it reported lower fourth-quarter and full-year sales. The retailer also said annual profits would be “at the lower end” of the 15-20% fall it forecast in October.

It has also faced shareholder dissent over leadership. In November, shareholder Knight Vinke was reportedly in negotiations over taking a seat on the retailer’s board. The month before it had urged changes at the top as a result of the company’s “very poor performance” and “serious governance issues”.

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