November 20, 2018 / 7:20 AM / 22 days ago

French retailer Casino names Lubek as new financial officer

PARIS, Nov 20 (Reuters) - Casino, the French supermarket retailer whose debts have raised concerns with investors, said it had changed chief financial officer, with David Lubek replacing Antoine Giscard d’Estaing.

Lubek, 45, initially joined Casino in 2013 as a group controlling officer before eventually becoming its deputy chief financial officer.

Casino has been embarking upon a series of asset sales to cut debts and ease concerns over the financial position of both Casino and its parent holding company Rallye.

Within the Casino group, dividends from Casino are used to maintain Rallye’s debt interest payments. The shares of Casino that are held by Rallye are also pledged as collateral to banks in order for Rallye to obtain more financing. (Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas)

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