French supermarket retailer Carrefour has agreed to extend chairman and CEO Alexandre Bompard's term for another three years, through to its 2026 annual shareholder meeting.
The company made the announcement during a meeting of its board of directors, which took place on Wednesday.
Bompard will continue working on executing Carrefour's 2026 strategic plan, which entails generating free cash flow of more than €1.7 billion by 2026, he said in a statement.
'Pursue Our Ambitions'
“I am honoured by the trust that the board of directors has placed in me," Bompard said. "It can count on my determination to pursue our ambitions in terms of economic and financial performance, as well as uphold our CSR commitments.
"I will be unwavering in my pursuit of all of the objectives established under the Carrefour 2026 strategic plan, working alongside the 500,000 people who make up the Group, with a rigorous governance system in place.”
Last month Carrefour expressed confidence over its 2023 financial outlook as it reported record free cash flow of €1.26 billion and another rise in full-year operating profit, despite high inflation.
Read More: 5 Key Takeaways From Carrefour’s 2022 Full-Year Results
Potager City Store Launch
Recently, the French retailer opened its first two Potager City stores in Paris, which it says focus on 'high quality' fruit and vegetables at 'fair prices'.
Seasonal fruit and vegetables account for a significant share of the store's range.
Elsewhere, the retailer has halted its plan of opening the first store of Brazilian cash-and-carry brand Atacadão in Greater Paris.
This decision follows a petition by the mayor of Sevran (Seine-Saint-Denis), a town of 50,000 inhabitants 18 km from Paris, against the rebranding of the existing Carrefour hypermarket as an Atacadão.
Carrefour acquired the Atacadão banner in Brazil for US$ 1.1 billion in 2007 and the cash-and-carry format already accounts for 70% of the group's revenues in Brazil.
News by Reuters, additional reporting by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.