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Possibility Of Hubert Joly As Carrefour CEO 'Strong Positive': Bernstein

By Steve Wynne-Jones
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Possibility Of Hubert Joly As Carrefour CEO 'Strong Positive': Bernstein

Research firm Bernstein has said that the possibility of Best Buy CEO Hubert Joly taking over as Carrefour CEO, as recently reported by Brazilian newspaper Valor, would be a 'strong positive for the stock'.

Joly has had a 'successful tenure' as Best Buy CEO, Bernstein said, increasing the stock price from $13 to $40 or $50 since 2012. Facing strong competition from Amazon, Best Buy was able to weather the storm, matching price but differentiating service.

As Carrefour has found it difficult to market its non-food products in hypermarkets, Joly's expertise could help strengthen the company. Carrefour also differentiates on quality and service in the food sector, which will complement Best Buy's more 'service-oriented' approach, Bernstein added.

Joly's French background would also be a mark in his favour, as well as a more 'shareholder friendly' feel, given his successful time at Best Buy.

UPDATE: In response to the speculation, ESM has received the following statement from Best Buy Chairman and CEO Hubert Joly. “There have been reports that I am being considered for a CEO role at another company. Let me be clear, I am fully committed to Best Buy’s continued transformation and have absolutely no plans to leave.”

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Carrefour has said that current CEO George Plassat's replacement could be announced in H1 before he leaves in May 2018.

© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign-up for ESM: The European Supermarket Magazine

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