News

By Dominique Vidalon

PARIS, March 28 (Reuters) - Food retailer Casino CASP.PA said on Thursday it had completed its financial restructuring and a new leadership team formed around Czech billionaire Daniel Kretinsky was taking control, ending the 30-year reign of Casino's owner Jean-Charles Naouri.

France's seventh-largest supermarket group by market share, was brought to the verge of default after years of debt-fuelled acquisitions and recent losses in market share to rivals.

The restructuring of Casino by a Kretinsky-led consortium massively dilutes the stake of current shareholders, most notably Naouri, who led Casino by controlling it through his holding company Rallye GENC.PA.

Casino said the completion of the restructuring resulted in a change of control and a new board was named, with former French secretary of state for pensions and Auchan executive Laurent Pietraszewski becoming chairman of the new Casino board, while former Metro and Lactalis executive Philippe Palazzi becomes chief executive.

Casino's new executive committee includes Angelique Cristofari, a former Louis Delhaize finance chief who becomes the supermarket group's chief financial officer.

A June 11 shareholder meeting will be asked to ratify all these appointments. Trading in Casino's shares will resume on Thursday.

In February, Casino reported a consolidated net loss of 5.7 billion euros for 2023, widening from 316 million euros the previous year, and said it will not publish a revised 2024 forecast due to an imminent change in leadership.

(Reporting by Dominique Vidalon; Editing by Benoit Van Overstraeten and Shounak Dasgupta)

((dominique.vidalon@thomsonreuters.com; +33149495432; Reuters Messaging: dominique.vidalon.reuters.com@reuters.net))

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