PARIS (Reuters) – French distributor Casino said in a statement on Wednesday that it had successfully implemented its financial restructuring and unveiled a new management team around Czech businessman Daniel Kretinksy, who succeeds Jean-Charles Naouri after 30 years of reign.
The seventh French supermarket group in terms of market share had an extremely difficult 2023, during which it found itself on the verge of default after years of debt-financed acquisitions and recent loss of market share to its rivals.
Casino said in a statement that the completion of its financial restructuring resulted in a change of control of the group and unveiled a new board of directors around its president, Laurent Pietraszewski, and the former head of Metro and Lactalis, Philippe Palazzi, who becomes administrator and general manager.
However, these appointments must still be approved at the group’s next general meeting, scheduled for June 11.
(Dominique Vidalon, Zhifan Liu)
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