French retail giant Carrefour has extended the contract of its CEO Alexandre Bompard by three more years. When the new contract expires in 2026, Bompard will have held the reins there for nine years.
Cost-cutting at Fnac
Bompard came over from Fnac Darty in 2017 to succeed George Plassat at Carrefour. He was brought in to repeat his feat from at the entertainment chain – turning a moribund business back into a thriving one through cost-cutting and a focus on e-commerce.
Under his leadership, Carrefour may continue to struggle in Belgium (as showcased by the switch of dozens of shops to Intermarché), but especially in Latin America, the turnaround has already been well completed.
He is now staying on longer to fully see out the Carrefour 2026 strategic plan, Reuters reports. Bompard says he is “proud of the trust the board has placed in him”, and promises to continue his efforts to achieve, among other things, a free cash flow of more than 1.7 billion euros in three years’ time.
That still promises to be quite a challenge, as in its financial outlook for this year, Carrefour expressed hopes of achieving a record cash flow of 1.26 billion. However, it does say that the retailer’s transformation has already progressed so well that even in the current economic crisis, the company is assuming a further increase in sales and profits.