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Europe Watch: Hypermoney … Topshop Takes Over

<STRONG>HYPERMONEY</STRONG>: News last week that outgoing Carrefour chief executive Daniel Bernard would get a fat golden goodbye of 38 million euros, or $49.4 million at current exchange, after being sacked in February from the French hypermarket...

HYPERMONEY: News last week that outgoing Carrefour chief executive Daniel Bernard would get a fat golden goodbye of 38 million euros, or $49.4 million at current exchange, after being sacked in February from the French hypermarket operator drew cries of rage from more than one French politician and labor union. The head of the Socialist party in Paris said a law should be drafted against such packages. Bernard spent 13 years at Carrefour’s helm. Luc Vandevelde, the former Marks & Spencer executive who replaced Bernard as president of the supervisory board, told a shareholder’s meeting in Paris that Bernard had received a 29 million euros, or $37.7 million, payoff and that he’ll also get three years of salary to compensate for a three-year noncompete clause. Vandevelde said his salary was about 700,000 euros, or $910,000, excluding stock options, and that Carrefour’s new ceo, Jose-Louis Duran, earned about 1.1 million euros, or $1.4 million, with a performance-related bonus up to 700,000 euros, or $910,000.
— Robert Murphy

TOPSHOP TAKES OVER: English retail tycoon Philip Green plans to convert at least 15 of his recently acquired Etam stores into new Topshop outlets in the U.K., while off-loading others to rival retail groups. Green, who also owns retailers Miss Selfridge and British Home Store, purchased the struggling U.K. arm of the French retailer Etam for an undisclosed price from chairman Pierre Milchior earlier this month. It was announced in a statement last week that Green is selling 47 of Etam’s 213 stores to Monsoon plc and 20 to West Coast Capital, which owns the Office shoe chain. Green plans to open the Topshop stores by the end of September, in towns and cities where there is no representation, taking the total number of Topshop outlets to 316. The fate of the remaining Etam stores is currently under review.
— Ellen Burney