2 Carrefour deputies to assist CEO

PARIS: Carrefour SA, Europe’s largest retailer, said yesterday that it had named two deputy chief executives to assist chairman and CEO Georges Plassat while he recovers from surgery.

“The two appointees are chief financial officer Pierre-Jean Sivignon and general secretary Jerome Bedier,’’ the group said in a statement.

The two remained “in close contact” with 65 year-old Plassat while George Ralli, a Carrefour board member and head of the IPF Partners investment fund, would become vice-chairman.

The news comes as Carrefour begins to reap the benefits of Plassat’s efforts to revive the group’s core European business.

A Carrefour spokeswoman said Plassat, who has been heading Carrefour since 2012, would be away for “a few weeks” without providing further details on the nature of the surgery.

Carrefour, the world’s largest retailer after Wal-Mart Stores Inc, unveils its annual earnings next month and it was not immediately clear if Plassat would be back in time.

“The situation at Carrefour is more stable and serene than three years ago, so if there is a vacancy at the top it is less of an issue,” said Barclays analyst Nicolas Champ.

Carrefour, which makes 73% of its sales in Europe, has suffered from a reliance on the hypermarket format it pioneered as customers shift to more local and online shopping.

In response, Plassat has cut costs and prices, freshened up stores and given greater autonomy to store managers, starting in France.

Under Plassat’s leadership Carrefour has exited a number of non-core international markets to better focus its efforts and resources on Europe and core emerging markets of China and Brazil.

The retailer has said it will be ready to go ahead with an IPO in Brazil this year if market conditions permit.