Shareholders at the world's second-largest retailer, Carrefour, have made the decision to raise its CEO age barrier from 65 to 70 years-of-age.
This is good news for the French company's current CEO, Georges Plassat, as he might have been forced to step down from his position in spring 2015 when he will turn 65, only for this policy change.
The decision was made last week at an executive board meeting, where it was also decided that Plassat's fixed wages will be set at €1.12 million, growing to €2.66 million if performance targets are hit.
Plassat has been credited with Carrefour's revival of late, with the most recent quarter showing the best growth in the past two years.
Along with the publication of its quarterly figures, Carrefour last week announced plans to revive its e-commerce operations in Brazil this year after shutting the business down in 2012 as part of broader group restructuring.
Plassat revealed the plan at the annual shareholders meeting on Tuesday. He also told investors that Carrefour wanted to boost its local profile in Brazil, its second largest market after France and an emerging country it has earmarked for expansion.
© 2014 - European Supermarket Magazine by Enda Dowling
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