Research firm Bernstein has said that the possibility of Best Buy CEO Hubert Joly taking over as Carrefour CEO, as recently reported by Brazilian newspaper Valor, would be a 'strong positive for the stock'.
Joly has had a 'successful tenure' as Best Buy CEO, Bernstein said, increasing the stock price from $13 to $40 or $50 since 2012. Facing strong competition from Amazon, Best Buy was able to weather the storm, matching price but differentiating service.
As Carrefour has found it difficult to market its non-food products in hypermarkets, Joly's expertise could help strengthen the company. Carrefour also differentiates on quality and service in the food sector, which will complement Best Buy's more 'service-oriented' approach, Bernstein added.
Joly's French background would also be a mark in his favour, as well as a more 'shareholder friendly' feel, given his successful time at Best Buy.
UPDATE: In response to the speculation, ESM has received the following statement from Best Buy Chairman and CEO Hubert Joly. “There have been reports that I am being considered for a CEO role at another company. Let me be clear, I am fully committed to Best Buy’s continued transformation and have absolutely no plans to leave.”
Carrefour has said that current CEO George Plassat's replacement could be announced in H1 before he leaves in May 2018.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign-up for ESM: The European Supermarket Magazine
