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Carrefour appoints new CFO with immediate effect

Retail group Carrefour SA announced Oct. 16 that it has appointed Matthieu Malige as CFO.

Malige's appointment is effective immediately, the French operator of hypermarkets, supermarkets and convenience stores said.

He replaces Pierre Jean Sivignon, who, "faced with personal difficulties," had asked CEO Alexandre Bompard to be relieved of his duties, Carrefour said. The company did not offer any additional details.

However, Sivignon accepted an offer from Bompard to remain as an adviser to the CEO, the company added.

The shake-up comes only three months after Bompard joined Carrefour on July 18 as the company, the world's second-largest retailer by revenue after Wal-Mart Stores Inc., is wrestling with declining sales in its large-format hypermarket stores in France.

On Aug. 30, Carrefour, which operates more than 12,000 stores and e-commerce sites in more than 30 countries, reported a drop in profit in the first half of 2017, citing challenging market conditions in France and higher-than-expected losses in Argentina.

The performance prompted the company to lower its full-year outlook for sales growth, telling analysts on a call that it expected growth of between 2% and 4% at constant exchange rates. Previously, Carrefour had expected sales growth at constant exchange rates of between 3% and 5%.

Malige was recruited from Groupe Fnac SA, where he served as CFO and previously worked with Bompard, who was CEO at the electronics retailer prior to his appointment at Carrefour.

Malige formerly worked at Carrefour from 2003 until 2011 in roles that included director of strategy and development, CFO of Carrefour France and CFO of Carrefour Belgium.