Carrefour names new chief executive

Carrefour has confirmed today that Alexandre Bompard, former chief executive of consumer electronics retailer Fnac Darty, has been named their new chief executive after an eight-month search. The news first broke on Reuters.

Carrefour's investors want their new chief executive to succeed where their predecessors have failed at boosting the performance in the French hypermarkets and growing the digital. Bompard knows how to cut costs and grow digital operations, making him the ideal candidate for the role.

Bompard's predecessor Georges Plassat led the charge of cutting costs and saving Carrefour from a possible break-up.

Carrefour's performance in French, which is their largest market, has been very sluggish, and Bompard will be charged with improving business there.

"The new chief executive will have a significant task but there is no easy fix. Carrefour's issues are more about the market structure it evolves in, especially in France with the dynamism of independent players and more over in the hypermarkets segment," HSBC analysts said in a recent note.

Carrefour is also planning an IPO for their Brazilian market. While some large-scale retailers in North America, like Neiman Marcus which cancelled their IPO, think staying private is the best option in this volatile retail climate, their is potential in Brazil with a growing retail market.

Carrefour currently employs over 360,000 people worldwide, including 115,000 in France.