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Carrefour appoints new chief executive officer

China Daily | Updated: 2012-01-31 07:59

Carrefour appoints new chief executive officer
The headquarters of Carrefour SA in Paris. The retailer has lost about 7 billion euros ($9.17 billion) in market value since Lars Olofsson became CEO in January 2008. [Antoine Antoniol / Bloomberg]

PARIS - Carrefour SA appointed Vivarte SA Chief Executive Officer Georges Plassat as CEO, ending Lars Olofsson's three-year reign as head of one of the world's largest retailers.

The board of Boulogne-Billancourt, France-based Carrefour approved Plassat's appointment at a meeting on Sunday. Plassat will join the company on April 2 as chief operating officer and become chairman and CEO after the June 18 shareholders meeting, the company said in a statement on Monday.

Plassat will seek to restore investor confidence in a company that has forecast lower profit five times since announcing a 1.5-billion-euro ($2 billion) plan to remodel some of its largest European stores in September 2010. Carrefour has lost about 7 billion euros in market value since Olofsson became CEO in January 2008.

Carrefour appoints new chief executive officer

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