French supermarket retailer Carrefour has agreed to extend chairman and CEO Alexandre Bompard's term for another three years, through to its 2026 annual shareholder meeting, it said on Wednesday.
Bompard will continue working on executing Carrefour's 2026 strategic plan, which entails generating free cash flow of more than €1.7 billion ($1.8 billion) by 2026, he said in a statement.
Last month Carrefour expressed confidence over its 2023 financial outlook as it reported record free cash flow of €1.26 billion and another rise in full-year operating profit despite high inflation.
Full Year Results
In February, in a statement, Bompard, said that Carrefour once again demonstrated the strength of its model by delivering a remarkable performance in 2022 in an unprecedented inflationary environment.
"The pillars of the Carrefour 2022 plan allowed us to offer solutions to customers to address pressure on purchasing power, while staying the course on the food transition for all and maintaining strict financial discipline. Over the past five years, the Group has succeeded in repositioning itself as a leader in its industry.
"This transformation stems from the hard work and exceptional everyday commitment of Carrefour teams and franchised partners in our stores, warehouses and headquarters.
"With the Carrefour 2026 plan, we are embarking on a new phase of conquest, with greater ambition in digital, the development of our discount offer and new social and environmental commitments. In 2023, Carrefour will continue to differentiate itself for the benefit of its customers and shareholders," he added.
Read More: Carrefour CEO Says Inflation Crisis Turning Consumers Into Penny-Pinchers
News by Reuters, additional reporting and edited by Donna Ahern, Checkout. For more retail stories, click here. Click subscribe to sign up for the Checkout print edition.