PARIS — Carrefour shareholders on Monday voted to change the French hypermarket operator’s corporate governance structure to a single board of directors from a dual management and supervisory board.
In an extraordinary shareholders’ assembly here that was peppered with whistles from investors angry about the retailer’s recent decline in share price, shareholders also approved three board seats for representatives of Blue Capital, the investment consortium of LVMH Moët Hennessy Louis Vuitton chief Bernard Arnault, and Colony Capital.
Arnault, Nicolas Bazire and Sebastien Bazin were voted to Carrefour’s board to represent Blue Capital, which controls 13.6 percent of Carrefour. Also nominated to the board were former French finance minister Thierry Breton and BNP Parisbas head Jean-Laurent Bonnafe.
There was speculation earlier this month that Breton, who has served as head of France Telecom, could replace Carrefour’s current chief executive Jose Luis Duran. Carrefour denied it wanted to replace Duran. Shareholders on Monday approved Duran in his position as ceo of the new management structure.
Amaury de Seze, head of the previous supervisory board, will preside over the board of directors, which is designed to give Carrefour more managerial maneuvering room.
Carrefour, the world’s second-largest retailer after Wal-Mart Stores Inc., has had weak sales in France and its stock has dropped this year from more than 50 euros, or $79.47 at current exchange, to as low as 30 euros, or $47.68, this month. Shares in Carrefour slipped 2.5 percent in trading on the Paris BourseMonday to close at 34.12 euros, or $53.34.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
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Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews