Kretinsky To Install Former Metro Executive At Casino If Offer Succeeds: Reports

By Reuters
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Kretinsky To Install Former Metro Executive At Casino If Offer Succeeds: Reports

Czech billionaire Daniel Kretinsky and his partners are prepared to hire former Metro and Lactalis executive Philippe Palazzi as the new boss of French supermarket chain Casino, should their refinancing offer for the debt-laden company succeed, Les Echos reported at the weekend.

Kretinsky could not immediately be reached for comment outside working hours. Palazzi did not immediately respond to a message sent via LinkedIn.

Casino's management and court-appointed mediators have set a July 27 deadline to enter an agreement in principle on the terms of the financial restructuring.

Rival Bid

Kretinsky's offer is valid until Monday. It faces a rivalling offer led by telecoms maverick Xavier Niel, investment banker Matthieu Pigasse and businessman Moez-Alexandre Zouari, which Casino said had also been extended to the same day.

The proposed cash injection is the first step in Casino's wide-ranging restructuring plan, which it has said will require a deal with debt holders within a court-led process.


About Philippe Palazzi

Palazzi stepped down as CEO of Lactalis in February 2022, with the dairy firm saying in a statement at the time that the departure was due to a disagreement over strategy.

Philippe Palazzi had assumed the roles of chairman and CEO at the company in June 2020. Prior to joining the dairy firm, he had a long career with Metro, which commenced in 1994.

He held the role of chief operating officer at the wholesale giant from May 2018 to June 2020. [Additional editing by ESM]

Read More: Groupe Casino Unveils Details Of Stores To Be Sold To Intermarché

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