On Thursday, the French food retailer company Casino finished fixing its money situation. A new team of leaders, led by Daniel Kretinsky from the Czech Republic, is now in charge. This ends the 30-year period when Jean-Charles Naouri owned a Casino.
Casino, which is France’s seventh-biggest supermarket group, was almost going to fail because it borrowed too much money to buy other companies. Also, it was losing customers to other stores.
Now, a group led by Kretinsky has changed how Casino works, which means the current owners, especially Naouri, will have less of a say in how the company runs.
New Casino Leaders
The French retailer Casino said that because of the changes, they have a new team in charge. Laurent Pietraszewski, who used to work for the French government and Auchan, is now the head of the new casino team. Philippe Palazzi, who worked for Metro and Lactalis, is the new boss.
Angelique Cristofari, who used to handle money at Louis Delhaize’s “Discover the latest as French retailer Casino undergoes leadership changes, signalling the end of Boss Naouri’s era,. Stay informed on the implications for the company’s future direction.”, is now in charge of money at Casino.
On June 11, a meeting will happen to confirm these changes.
Casino said that they will start trading their shares again on March 28, and in April 2024, they’ll do some things with their shares. They’ll combine 100 old shares into 1 new share, and the value of each share will change from 1 euro to 1 euro cent.
In February, Casino said it lost €5.7 billion in 2023, which is a lot more than the €316 million it lost the year before. They also said they wouldn’t say what they think they’ll do in 2024 because the leadership is changing.