U.S. News

Carrefour Chairman Resigns


Luc Vandevelde resigned as chairman of Carrefour in a shakeup that followed the disclosure that two new shareholders had acquired a nearly 10% stake in the world's second largest supermarket retailer.

Carrefour said Wednesday that Vandevelde will be replaced by Robert Halley of the Halley family, Carrefour's largest shareholder.

The company statement said that Vandevelde's resignation was "guided by the interest of Carrefour, its shareholders and its collaborators."

Earlier, it was disclosed that Colony Capital and Groupe Arnault -- French billionaire Bernard Arnault's investment vehicle -- had taken 9.8% of the retailer. Colony Capital is a U.S. private equity fund.

"This is a long-term strategic and industrial investment," the companies said in a statement. "Colony Capital and Groupe Arnault consider that Carrefour, a world leader in its sector, has strong growth potential."

They said they would work with the Halley family.