Bloomberg News

Carrefour’s European Labor Committee Opposes Dual CEO Proposal

October 20, 2011

Oct. 20 (Bloomberg) -- Carrefour SA’s European labor committee rejected a proposal by investor Knight Vinke Asset Management LLC for two chief executive officers, saying it was aimed at dismantling the world’s second-largest retailer.

Knight Vinke called yesterday for the French grocer to split Lars Olofsson’s role of chairman and CEO and suggested it consider a “twin-headed solution” with one CEO for France and neighboring countries and another for emerging markets.

“Carrefour needs stability and purpose to carry through its strategy,” Michel Enguelz, European labor committee secretary, said today in an e-mailed statement. This sort of proposal “is designed to destabilize the Carrefour group to make it easier to break up.”

Florence Baranes-Cohen, a spokeswoman for Carrefour, declined to comment yesterday on Knight Vinke’s open letter to the grocer’s shareholders, employees and board.

--Editors: Robert Valpuesta, David Risser.

To contact the reporter on this story: Andrew Roberts in Paris at aroberts36@bloomberg.net

To contact the editor responsible for this story: Celeste Perri at cperri@bloomberg.net


Ebola Rising
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus