At French retailer Carrefour's latest board meeting, Lars Olofsson expressed his wish not to renew his mandate and therefore to relinquish his position as CEO of the group.
He will step down at the next company board meeting on 18 June 2012, the group announced in a press release.
The board voted unanimously for Georges Plassat, current CEO of Vivarte, the Paris-based owner of the Kookai clothing brand, to succeed Olofsson as CEO of the group.
Plassat was formerly CEO of French retailer Casino, as well as being in charge of Carrefour's Spanish operations in 1997-1999.
Plassat will join the retailer on 2 April as chief operating officer before taking over as chairman and CEO on 18 June.
Carrefour said that Plassat was 'well aware of the magnitude of the task ahead'. The group has lost approximately €7bn in market value since Olofsson became CEO in January 2008.
