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Supermarket Finance Director Resigns

April 2, 2001

PARIS (AP) _ The finance director for supermarket giant Carrefour SA resigned on Monday after seven years in the post, but the company said the move was unrelated to unexpectedly weak revenues last year for the company’s French operations.

Herve Defforey, finance chief since 1994, was replaced by Jose-Louis Duran, who had held the post of finance chief at Carrefour Spain.

Deforrey, who will remain on the board, is leaving the finance director’s post ``to concentrate on personal projects,″ said company spokesman Christian Honore.

The company dismissed suggestions that the change was linked to a negative stock market reaction to revenue totals reported for the company’s French operations in the fourth quarter of last year.

``The fact that his replacement ... is stepping up from the finance chief’s role at Carrefour Spain, another area where we have supposedly had problems, shows the changeover has nothing to do with the French market position,″ Honore said.

Deforrey ``remains on the Carrefour board and will continue to play a part in the group’s development,″ a statement by Carrefour said.

Duran, his replacement, has been finance director at Carrefour Spain since 1999. He joined the company in 1994.

Market watchers had predicted in January that there could be management shakeups in France and elsewhere after the food retailer moved to dismiss four senior executives at its underperforming French hypermarket division.