Carrefour renews Alexandre Bompard's mandate as chairman and CEO

Credit: REUTERS/Philippe Wojazer

PARIS, May 21 (Reuters) - Carrefour CARR.PA said on Friday it had renewed the mandate of Chairman and Chief Executive Alexandre Bompard for another three years to lead the French retailer's turnaround.

Europe's largest food retailer is in the midst of a five-year plan launched in January 2018 to cut costs and boost e-commerce investment to revive sales and profits and fend off competition from Amazon AMZN.O.

"The board of directors renewed Alexandre Bompard as Chairman and Chief Executive Officer for the duration of his term as a director," Carrefour said in a statement.

This came after 81.71% of Carrefour shareholders voted to approve the renewal of Bompard's term as a board member.

Bompard told shareholders he was approaching his second mandate with "great confidence", vowing to further improve "customer satisfaction and operating excellence" and reiterated all the group's targets under the revival plan.

Last month Carrefour unveiled plans to buy back shares for the first time in a decade, showing confidence in its turnaround plan after a strong first quarter.

It confirmed a goal to seek 2.4 billion euros ($2.9 billion)in cost savings on an annual basis by 2023 and annual net free cash flow above 1 billion euros from 2021.

($1 = 0.8179 euros)

(Reporting by Dominique Vidalon; editing by Emelia Sithole-Matarise)

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