French supermarket chain Carrefour SA's new Chief Executive George Plassat said Monday it will take about three years to turnaround the company, and will focus of reducing debt and overhead costs as well as exiting non-core markets. Plassat was speaking publicly, for the first time since joining the company last month, at the annual general meeting of shareholders earlier in the day. Plassat noted that the current uncertain economic climate and outlook in the region is going to take its toll and he added that there are no short-term promises to be made.
After he joined Carrefour, Plassat has already taken actions to restructure the company's operations. He has revamped the executive committee, launched a division to handle the real estate activities and divested its 50 percent stake in its Greek joint venture operations. He also bought Argentinian discount supermarket chain EKI, and is now looking to exit Turkey and Indonesia.
After he joined Carrefour, Plassat has already taken actions to restructure the company's operations. He has revamped the executive committee, launched a division to handle the real estate activities and divested its 50 percent stake in its Greek joint venture operations. He also bought Argentinian discount supermarket chain EKI, and is now looking to exit Turkey and Indonesia.
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