Carrefour appoints FNAC Darty’s Malige as new CFO

A Carrefour supermarket (Shutterstock)
Updated 18 October 2017
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Carrefour appoints FNAC Darty’s Malige as new CFO

PARIS: Carrefour named Matthieu Malige as finance director on Monday, two months after the world’s second-biggest supermarket retailer behind Wal-Mart warned on its 2017 operating profit.
Malige, previously in charge of group finances at FNAC Darty , will replace Pierre Jean Sivignon who is resigning.
“Matthieu Malige is appointed, effective today, Chief Financial Officer of Groupe Carrefour. He succeeds Pierre Jean Sivignon, who, faced with personal difficulties, has asked Chairman and Chief Executive Officer Alexandre Bompard to relieve him of his duties,” Carrefour said in a statement.
Carrefour CEO Bompard joined Carrefour from FNAC Darty in July and has already made other management changes as he looks to revive Carrefour’s fortunes.
In September, Bompard named Pascal Clouzard, 54, CEO of Carrefour Spain since 2011, as executive director for France.
Clouzard’s challenge is to boost the performance of Carrefour’s French hypermarkets, a goal that has eluded several predecessors.
In France, which accounts for nearly half of Carrefour’s sales and 44 percent of its operating profit, Carrefour faces fierce price competition from online rivals and other operators.
Carrefour said in August that its 2017 operating profit could fall by around 12 percent, and it also cut its sales growth target.
Carrefour shares are down around 25 percent since the start of 2017, underperforming both the STOXX Europe 600 index and France’s benchmark CAC-40 which are both up by roughly 10 percent.


UK wage growth dips but interest rate increase seen on track

Updated 3 min 30 sec ago
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UK wage growth dips but interest rate increase seen on track

LONDON: Official figures show that wage growth in the UK moderated in the three months to May, a development that’s unlikely to change expectations that the Bank of England will raise interest rates next month.
The Office for National Statistics said Tuesday that average weekly earnings during the period were 2.7 percent higher than the year before. Though down on the previous 2.8 percent, wages are still higher than headline inflation, which in the year to May was 2.4 percent.
That means that household incomes continue to grow following a long squeeze when inflation outstripped earnings.
The Bank of England is widely expected to raise its benchmark interest rate on Aug. 2 to 0.75 percent partly because of the improvement in living standards.