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Carrefour's chairman quits as Arnault buys a major stake

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Carrefour's chairman quits as Arnault buys a major stake

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Changes at the world’s second largest retailer Carrefour. On the same day it acquired two major new shareholders – including French billionaire Bernard Arnault – the company’s chairman, Luc Vandevelde, resigned.

Vandevelde is believed to have fallen out with the
Halley family, Carrefour’s biggest shareholders, who have 13% of its stock and 26% of the voting rights.
He will be replaced by Robert Halley.

At the same time, France’s richest man Bernard Arnault said that he has bought a 9.1% stake in Carrefour, along with US private equity group Colony Capital.

Arnault said there was no link to the management shake up and that his was “a strategic, industrial and long-term investment.”

Analysts say that Arnault is seeking good investments with good growth potential, which is the case with mass market retail, especially as food chains increasingly become place where shoppers can buy everything.