June 16, 2018 / 10:43 AM / a year ago

Ex-CEO of France's Carrefour to give up part of payout after pressure

PARIS, June 16 (Reuters) - Former Carrefour chief executive Georges Plassat is to give up part of his departure package, the French retailer said on Saturday after facing pressure from employers’ bodies, unions and the government over his payout.

Shareholders approved Plassat’s 2017 payout by over 68 percent of votes cast at an annual shareholders’ meeting on Friday, drawing whistles and boos from union representatives and individual shareholders.

Carrefour said in a statement that Plassat, who stepped down in July 2017, had decided not to apply a clause in his departure package under which he was due to get nearly 4 million euros ($4.64 million) in exchange for committing not to join a competitor.

French Finance Minister Bruno Le Maire had said the package was “incomprehensible and shocking” since Plassat had left the company in a “deteriorated situation”.

French employers’ federations AFEP and Medef said on Saturday they would revise their executive remuneration guidelines to avoid big divergences from their payout recommendations. ($1 = 0.8615 euros) (Reporting by Leigh Thomas; Editing by Adrian Croft)

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