French retail giant names new CEO

One of the world's largest retailers has appointed a new chief executive as its looks to catch up with the online revolution and shore up its home performance.



Carrefour has named Alexandre Bompard, 44, as its new chairman and CEO, effective July 18, ending an eight-month search. He succeeds Georges Plassat, who has served in the top position at the hypermarket retailer, which operates more than 11,900 stores in over 30 countries, since 2012.



Bompard is the CEO of French retailer Fnac-Darty. He took the reins of Fnac, a bookstore and music retailer, in 2011, taking the company public in 2013. Last year, Bompard won a bidding war with South African retail giant Steinhoff for consumer electronics company Darty Group, creating a retail chain with combined annual sales of some $7.9 billion. He is known for growing online operations.



"The board of directors considers that in light of his career, his experience and his success in his previous positions, Mr. Alexandre Bompard has all the skills to succeed Mr. Georges Plassat and continue to develop and transform Carrefour in any and all respects," Carrefour said in a statement.



In March, Carrefour reported its first decrease in operating profit since 2012 amid a tough environment in its French home market where its hypermarkets division is struggling with increased online competition and heavy price promotions.



"The new CEO 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, the New York Times reported.