French retail giant Carrefour has sped up its transition to a new CEO, with Georges Plassat taking over the role a month early.

In a statement today (24 May), the retailer said Lars Olofsson had retired at a board meeting yesterday, paving the way for Plassat to take over as chief executive with immediate effect.

Carrefour gave no reason for Olofsson’s early departure, saying only that “he considered that all the required conditions were met to shorten the transition period”.

Retail veteran Plassat, who joined the struggling retailer on 2 April as COO, is the retail giant’s third boss in four years. He was due to become CEO on 18 June after Olofsson announced his retirement earlier this year.

Carrefour has had a tumultuous 18 months, including a series of profit warnings and shareholder dissent over its strategy amid a plunge in its share price.

Plassat is expected to disclose details of his strategy for the European retail giant at the group’s first-half results in August.