28 July, 2008 - Carrefour shareholders agreed today to a corporate shakeup that will see the old two-tier board system streamlined.
The extraordinary meeting of the French supermarket giant’s stakeholders saw them approve board seats for a trio of representatives from Blue Capital- the consortium representing billionaire Bernard Arnault and private equity outfit Colony Capital. The three new members are Bernard Arnault, Sebastien Bazin and Nicolas Bazire.
The new system replaces the dual layers of supervisory and management board with a single board of directors.
In an angry meeting punctuated with boos from the floor, former French Finance Minister Thierry Breton and BNP Paribas executive Jean-Laurant Bonnafe were also given the green light to join the new board.
The corporate reorganisation comes in response to concerns over Carrefour’s share price which has fallen sharply recently.