The world's second biggest retailer, Carrefour, said today its chairman Luc Vandevelde had resigned and would be replaced by Robert Halley, whose family are the group's main shareholders.
Analysts said that Vandervelde's reported resignation was not completely unexpected.
Vandevelde's position had been questioned after his recent departure from the holding company of the Halley family, whom hold 13% of its stock and 26% of the voting rights.
Mr Vandevelde was previously chairman of British retail icon Marks & Spencer. The French retailer will report 2006 results tomorrow.
It also emerged today that France's richest man Bernard Arnault has disclosed a near 10% stake in the retail group.
News that Arnault had, jointly with Colony Capital and investment group Axon Capital, taken a 9.8% stake fuelled speculation that the new shareholders may lead to a change in Carrefour's strategy.
Colony Capital specialises in buying firms to actively manage their underlying property assets, something it has been instrumental in achieving at French hotel group Accor.
