Carrefour CFO Bouchut pays price for Brazilian failure | RetailDetail

Carrefour CFO Bouchut pays price for Brazilian failure

After the failure of its Brazilian takeover plans, Carrefour has replaced their instigator - and its Chief Financial Officer - Pierre Bouchut with ex-Philips CFO Pierre-Jean Sivignon, aged 54 and last year's “CFO of the year” in the Netherlands. 

From Philips to Carrefour

Sivignon will take his new office on 1 September, five months after leaving Dutch electronics giant Philips where he had been CFO,  Executive Vice President and Member of the Board of Management since 2005. Carrefour's headquarters issued a press statement welcoming his “financial expertise, international experience of over 30 years and his leadership skills” as “strong assets to continue the transformation of Carrefour”. 

'Punished' for Brazilian fiasco

Pierre Bouchut will continue his work as CFO alongside Sivignon for two months, after which he will take over the office of Executive Director for Growth Markets from Thierry Garnier, whose “new roles which will be announced in the coming weeks”. Analysts think Bouchut is paying the price for the failed takeover of Grupo Pão de Açúcar, that chose to continue its cooperation with Carrefour's arch rivals (and Bouchut's former employers) Casino. His appointment to the Growth Markets department, alongside his connections with holding company Blue Capital - in which major shareholders Bernard Arnault (LVMH) and Colony Capital (private investment fund) cooperate – gives fuel to the rumours of a split of the supermarket group. 

French game of musical chairs

This is only the latest episode of Carrefour's musical chairs soap, after the departures of James McCann, director of Carrefour France, in May and Vicente Trius, director of Carrefour Europe minus France, in February. The managerial mess also shows in the company results: Carrefour expects its operational profits to drop 23% in the first half of this year. Its shares fare even worse and dropped from 52 euro to 18.7 euro in four years time.

After the failure of its Brazilian takeover plans, Carrefour has replaced their instigator - and its Chief Financial Officer - Pierre Bouchut with ex-Philips CFO Pierre-Jean Sivignon, aged 54 and last year's “CFO of the year” in the Netherlands. 

From Philips to Carrefour

Sivignon will take his new office on 1 September, five months after leaving Dutch electronics giant Philips where he had been CFO,  Executive Vice President and Member of the Board of Management since 2005. Carrefour's headquarters issued a press statement welcoming his “financial expertise, international experience of over 30 years and his leadership skills” as “strong assets to continue the transformation of Carrefour”. 

'Punished' for Brazilian fiasco

Pierre Bouchut will continue his work as CFO alongside Sivignon for two months, after which he will take over the office of Executive Director for Growth Markets from Thierry Garnier, whose “new roles which will be announced in the coming weeks”. Analysts think Bouchut is paying the price for the failed takeover of Grupo Pão de Açúcar, that chose to continue its cooperation with Carrefour's arch rivals (and Bouchut's former employers) Casino. His appointment to the Growth Markets department, alongside his connections with holding company Blue Capital - in which major shareholders Bernard Arnault (LVMH) and Colony Capital (private investment fund) cooperate – gives fuel to the rumours of a split of the supermarket group. 

French game of musical chairs

This is only the latest episode of Carrefour's musical chairs soap, after the departures of James McCann, director of Carrefour France, in May and Vicente Trius, director of Carrefour Europe minus France, in February. The managerial mess also shows in the company results: Carrefour expects its operational profits to drop 23% in the first half of this year. Its shares fare even worse and dropped from 52 euro to 18.7 euro in four years time.

Questions or comments? Please feel free to contact the editors


Komono wants to reach 10 physical stores this year

17/05/2018

Belgian accessory label Komono wants to double its number of physical stores to ten this year. “The stores are important to tell our story”, Anton Janssens and Raf Maes told De Standaard.

Suitsupply suffers losses because of expansion

15/05/2018

Dutch Suitsupply has experienced a decent turnover growth last year, but its net result tumbled below zero because of its huge investments. Nevertheless, that is the only way forward according to its founder, whose focus is still fixed on the United States.

Starting this Friday, Belgium has its own national e-commerce event

15/05/2018

Move over, Black Friday! This week, Belgium launches its own national e-commerce event as Jack & Jones, Kiabi, La Redoute, Sarenza, Tape à l'Oeil and Veritas organise the first Belgian Friday.

H&M is turning to algorithms to boost sales again

14/05/2018

In an effort to reverse the decline in its worldwide sales, H&M is using technology that will help the world’s largest clothing brand stock its stores more efficiently, sell more effectively and adapt more quickly to current consumer trends.

Zalando's profit wiped away in first quarter

08/05/2018

German online retailer Zalando saw its first quarter profit completely wiped away: last year's 5.1 million euro net profit turned into a 15 million euro loss. Turnover grew 22 %, investments being the cause for both.

Strong online growth for Hugo Boss

03/05/2018

German fashion brand Hugo Boss managed growth in every region in the first quarter. Group turnover grew 5 % to 650 million euro, partially thanks to strong web shop sales.