Carrefour's CEO Bernard to resign
Daniel Bernard will be replaced by former head of UK retailer M & S, Luc Vandevelde.
Bernard's departure follows months of negotiations between the chairman and his largest shareholder, which had demanded significant management changes in light of the poor performance in Carrefour's home market. Mr Bernard has faced heavy pressure from the Halley family, which owns 13 per cent of Carrefour and is unhappy about the drop in the company's share price since 2000. The Carrefour boss has also been criticised for several years of underperformance at its French hypermarkets, which account for a quarter of group sales and more than a third of profits.
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