French retailer Carrefour has announced changes to its management structure, with the adoption of a board of directors instead of a supervisory board and management board.
At the first board of directors meeting, Amaury de Sèze was elected unanimously as chairman, while José Luis Durán was appointed chief executive officer with the task of implementing the necessary strategy to reverse the retailer's recent poor performance.
According to daily newspaper Les Marchés, Carrefour’s share price has fallen sharply in recent weeks, by almost 18 per cent since 25 June, and has tumbled by 35 per cent since the start of the year.
In order to restore confidence, Mr Durán revealed plans to accelerate store openings in China, Brazil and Taiwan, target brand new markets such as Russia and India, and continue with the transformation of its Champion outlets into Carrefour Market stores.
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