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BUSINESS > Sabancı reps at Carrefour board resign

ISTANBUL- Hürriyet Daily News

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CarefourSA chair Dinçer has resigned from his post with three board members. AA photo

CarefourSA chair Dinçer has resigned from his post with three board members. AA photo

The chairman and three board members of CarrefourSA, the Turkish arm of retailer Carrefour, resigned from their posts yesterday upon a decision made by Sabancı Holding, the owner of a 38.8 percent share in the firm.

Haluk Dinçer, who had been chairman of the board of CarrefourSA since 2004, also heads Sabancı’s retail group. Board members Faruk Bilen, Mehmet Tevfik Nane and Zeynel Korhan Bilek also resigned along with Dinçer.

“Since we have not received the necessary support and assistance from Carrefour, we realized our presence on the board would no longer be beneficial and decided to resign from our positions on the board,” Dinçer said in a statement yesterday.

Carrefour Chief Executive Georges Plassat told shareholders last month that he was considering whether to exit some markets, because cash is tight. Plassat warned that Carrefour would need to reduce debt while restoring power to local managers, adding that it might exit Turkey or Indonesia, having just pulled out of Greece. The Turkish resignations may signal a Sabancı walkout from the supermarket chain, however, analysts said, speaking to Reuters. Sabancı executives declined to comment further. Sabancı Holding CEO Zafer Kurtul had said on Feb. 24 that he was not happy with the performance of CarrefourSA.

July/17/2012

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