PARIS — Accelerating its management transition, Carrefour SA said Georges Plassat has taken over as director, chairman and chief executive officer as of Wednesday.
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Plassat succeeds Lars Olofsson, who submitted his resignation to Carrefour’s board and indicated he plans to retire, having “met all the required conditions” to shorten a transition period that began Jan. 29, the company said in a press release.
Initially, Carrefour said Plassat would take the management helm following its annual shareholders’ meeting on June 18.
During Olofsson’s three-year tenure, the world’s second-largest retailer behind Wal-Mart Stores Inc. has struggled to turn around its ailing hypermarket business and posted a string of profit warnings.
Emerging markets continue to be the growth engine for Carrefour, offsetting tough trading conditions in southern Europe. The retailer posted sales of 22.49 billion euros, or $29.45 billion, in the three months ended March 31, as reported.