Carrefour's Plassat starts CEO job one month earlier

Carrefour's Plassat starts CEO job one month earlier

Carrefour's new CEO Georges Plassat has assumed office this week, one month earlier than expected. At first, Carrefour and Plassat's predecessor Lars Olofsson had agreed to part ways on 18 June, but the board of directors have now decided that Olofsson's departure would be immediate.

Sudden move after long battle

Carrefour (and, mostly, its shareholders) has been in a lengthy battle with Olofsson for years, but this decision still came as a big surprise: no one really knows what drove the board to suddenly move faster. The chain only commented that every condition had been met to shorten the transitional period.

 

In that period, since 29 January, Plassat has been working as COO to “get to know the company”. In that position, he has already organised meetings with the unions and ended the contract of two senior managers.

 

Despite the sudden move by the board, analysts expect that Plassat will be more cautious when revealing his strategy and vision for Carrefour's future. Most even think he will postpone that announcement to coincide with that of the semi-annual results in August. At this moment, it is still largely unknown to what extent Plassat will live up to his name of “merciless cost-cutter”.

Questions or comments? Please feel free to contact the editors


Lower turnover and new CEO for Geox

19/01/2018

Italian shoe brand Geox’ turnover dropped slightly in the past fiscal year. It also replaced former CEO Gregorio Borgo with Matteo Mascazzini, who came from Italian fashion brand Gucci.

Slower growth for Primark

18/01/2018

Irish fashion chain Primark has seen its first quarter turnover grow 7 % at level exchange rates and 9 % taking the fluctuations into account. Analysts however had expected faster growth.

Zalando's profit is slightly below expectations

17/01/2018

German fashion web shop Zalando has grown nearly a quarter in the past fiscal year and its company profit also nearly grew 5 %, although the latter was slightly below its own expectations.

Record turnover for Yoox Net-a-Porter in 2017

16/01/2018

Online retailer Yoox Net-a-Porter (YNAP) achieved a record turnover in 2017, surpassing two billion euro. That is a growth of more than 10 % compared to the year before, when it just missed that milestone.

Hugo Boss reaches growth targets for 2017

16/01/2018

German fashion brand Hugo Boss has managed to reach its targets for 2017, partially thanks to strong fourth quarter growth. For its full fiscal year, turnover grew 3 % (excluding exchange rate fluctuations).

C&A owners consider sale to Chinese investors

15/01/2018

The Dutch Brenninkmeijer family is considering to sell clothing chain C&A, according to German magazine Der Spiegel. One option is to sell to Chinese buyers.

Back to top