Carrefour CEO Georges Plassat leaves at short notice

  • Push-out Score suggests signs for push-out forces
  • After about five years on the job
  • Accolades and praise for Plassat
  • Alexandre Bompard taking over

(exechange) — Boulogne-Billancourt, France, June 09, 2017 — Georges Plassat, chief executive of Carrefour, leaves. It is a change at short notice. As announced by Carrefour SA in a news release on Friday, June 09, 2017, Georges Plassat leaves the post as Chief Executive Officer at the French multinational retailer after about five years on the job, effective July 18, 2017.

Plassat’s duties are taken over by Alexandre Bompard, currently Chief Executive Officer at Fnac Darty.

The move is a generational change as well. Alexandre Bompard is about 24 years younger than Georges Plassat.

The fact that Plassat’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.

No reason given

In the announcement, Carrefour did not explicitly explain the reason for Plassat’s imminent move, opening the door for speculation.

Precise information about the future plans of Plassat was not immediately available.

“Initiated at the request of Mr. Georges Plassat”

Carrefour said: “As a result of the succession process that was initiated at the request of Mr. Georges Plassat, the Board of Directors, which met today, announces that it has unanimously chosen Mr. Alexandre Bompard to succeed Mr. Georges Plassat as Chairman and Chief Executive Officer of Carrefour.”

Share price decline

The change follows a decline in the share price of Carrefour SA since August 2015.

On the job as CEO since 2012

Georges Plassat is a graduate of the École hôtelière de Lausanne and Cornell University in the United States.

He worked for Casino group as Marketing director from 1983 to 1997, then subsequently as Chief Executive of the Group’s catering division (1988-1990), Chief Executive of Casino France (1990-1992), Managing director (1992-1994), Vice-Chairman of the Management Board (1994-1996), then Chairman of the Management Board (1996-1997) of the Casino group.

He then joined the Carrefour group as Executive Director for Spain and Chief Executive of Pryca (1997-1999).

In 2000, he became Chairman of the Management Board of Vivarte group (formerly the André group), and subsequently its Chairman and Chief Executive Officer in 2004.

In April 2012, Georges Plassat joined the Carrefour group as its Deputy Chief Executive Officer.

He was named Chairman of the Board of Directors and Chief Executive Officer of Carrefour on May 23, 2012 and renewed on June 11, 2015.

Push-out Score suggests signs for push-out forces

It is not completely certain what forces eventually triggered Georges Plassat’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 25.2017 ($).