Duran Out, Olofsson In at France's Carrefour

Carrefour's major investors, Bernard Arnault and Colony Capital, engineer a shakeup at the top because of slow growth
José Luis Duran, chairman of the Board of Management of French supermarket giant Carrefour. Stephane de Sakutin/AFP/Getty Images

Meager profits were the ultimate fashion faux pas for the boss of global No. 2 retailer Carrefour (CARR.PA). On Nov. 18, CEO José-Luis Duran was ousted in a coup orchestrated by an unlikely pair of investors: French luxury mogul Bernard Arnault and U.S. investment group Colony Capital, which teamed up last year to take a major stake in Paris-based Carrefour.

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