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Retailer Carrefour's shareholders asked to vote on chairman's age limit
May 10, 2017 / 11:44 AM / 6 months ago

Retailer Carrefour's shareholders asked to vote on chairman's age limit

* Speculation over who will replace Plassat

* Top shareholders include Arnault, Diniz, Moulin family

By Dominique Vidalon and Pascale Denis

PARIS, May 10 (Reuters) - Shareholders of French retailer Carrefour will vote on a proposal to raise the age limit for the chairman to 75 from 70, a draft resolution ahead of a June 15 annual general meeting showed.

Europe’s largest retailer has been searching since October last year for a successor to Georges Plassat, 68, whose mandate as chairman and chief executive expires in May 2018.

Another draft resolution also seeks to modify a company rule stipulating that if over a third of Carrefour’s board members exceed the age of 70, the oldest board member must resign. The resolution would raise the age limit to 75.

Carrefour declined to comment on the draft resolutions.

There has been speculation over who will succeed Plassat and whether the group could eventually split the CEO and chairman roles.

Plassat has outlined his preference for an internal candidate as this would avoid an “abrupt” change in strategy, although the decision is in the hands of key shareholders.

Board members including Brazilian tycoon Abilio Diniz, 80, Philippe Houze, 69, who represents the Moulin family, and Bernard Arnault, 68, head of luxury goods giant LVMH, all appear to favour an external candidate who could herald a strategy re-think, sources close to the matter say.

Sources say that Pascal Clouzard, head of Carrefour Spain, Alain Caparros, the outgoing CEO of German retailer REWE, and Hubert Joly are on the list of likely candidates. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)

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