French giant Carrefour up on CEO rumour

SHARES in troubled French retailer Carrefour surged eight per cent yesterday amid mounting speculation that respected retail veteran Georges Plassat could soon replace Lars Olofsson as head of the supermarket giant.

Plassat, chief executive of clothing group Vivarte, may replace Olofsson as CEO of Europe’s largest stores group as early as this weekend, Linéaires magazine reported on its website, citing unnamed sources.

Carrefour and Vivarte declined to comment on the report.

Pressure has been building on Olofsson after dissapointing financial results, management defections and strategic U-turns last year.

Last week the firm warned 2011 profits would be at the bottom end of already pessimistic forecasts.