France: Georges Plassat to be Nominated as Carrefour CEO, says Report
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Monday, 30 January 2012 |
French weekly Le Journal du Dimanche has reported that clothing executive Georges Plassat will replace Chief Executive Lars Olofsson following a board meeting on Sunday. The newspaper said that negotiations between Plassat and the major retailer, which have been reported on by both the Wall Street journal and the Financial times, were held up by his links to French clothing group Vivarte, but that this potential hurdle had been overcome.
Carrefour shares have fallen by 27% since the appointment of Lars Olofsson three years ago, as a strategy of focusing on larger 'hypermarkets' has not delivered gains for the retail giant. Fourth quarter sales have fallen to €24.2 billion, down 1% from the previous year, and the company has already announced that it will "pragmatically review" the hypermarket-based strategy.
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