Carrefour announced today that it will delay its plans to introduce its real estate branch Carrefour Property to the stock exchange markets. The French retail giant also announced the departure of Carrefour France CEO James McCann.
James McCann, who has only been CEO at Carrefour France since February 2010, has always been a controversial person: he had to deal with (and, eventually, give in to) several major strikes demanding better salaries. The tasks of the former Tesco manager will temporarily be fulfilled by the Carrefour holding’s chairman Lars Olofsson.
New structure for Property to allow “eventual” flotation
Olofsson’s first act after McCann’s departure was suspending Carrefour Property’s flotation, which was a very controversial plan with stockholders and employees alike. Nevertheless, the French group maintains its aim to introduce its real estate daughter to the stock exchange “eventually” and it will prepare Carrefour Property by applying a new structure under the watchful eye of an independent board of directors.
Carrefour also announced that it will continue its plans for the flotation of its hard discounter DIA without delay.