Carrefour SA said Charles Desmartis will lead all of the grocer’s operations in Brazil, following a report that the company hired banks for an initial public offering of the retailer’s second-largest business.
Desmartis, 56, has been in charge of the company’s financial control since 2011, Boulogne-Billancourt, France-based Carrefour said in a statement today. Carrefour hired Itau BBA and Credit Suisse for an IPO of the Brazilian business, newspaper Exame reported yesterday.
Under Chief Executive Officer Georges Plassat, the retailer has exited markets from Colombia to Greece to focus on restoring growth at home. Carrefour entered Brazil in 1975 and operates more than 100 hypermarkets and 40 supermarkets in the country, which generated 12.5 billion euros ($17.3 billion) in revenue last year.
A Carrefour official declined to comment about the company’s plans in Brazil.