French retailer Carrefour has announced that Georges Plassat is to end his five-year tenure as CEO on 18 July, to be replaced by Fnac chairman and CEO Alexandre Bompard.
Plassat told shareholders last week that his turnaround strategy had put the retailer on a path to growth and that the company was in good hands with its new CEO.
"Alexandre Bompard will take the reins on July 18,” he said. “I am convinced he will do very well. I want to welcome him.”
According to Reuters, investors want Carrefour's new boss to boost the performance of Carrefour’s domestic hypermarkets and to make advances in its digital businesses.
Since he took over in 2012, Plassat has focused on price cuts, convenience stores and renovating outlets. He has also succeeded in boosting sales in most of Europe and Brazil, although domestic sales have remained sluggish, leading to the company’s first fall in operating profit in five years in March.
"Carrefour has returned to growth,” he told shareholders. “The figures are not stellar but they are good. The group can look to the future with much confidence.”
In addition, shareholders approved a second board seat for Peninsula, the family holding company of Brazilian billionaire Abilio Diniz, Carrefour's third-largest shareholder.