Casino announced on Thursday that it had successfully implemented its financial restructuring, a step that will result in the formation of a new board of directors and executive committee.

Following the change of control of the company to Czech billionaire Daniel Kretinsky, the board of directors will now be chaired by Laurent Pietraszewski, the former Secretary of State for Pensions.

The executive committee will be led - as CEO - by Philippe Palazzi, formerly of Germany's Metro, who left for the dairy group Lactalis in 2020.

He will be joined in the finance department by Angélique Cristofari, former CFO of Belgian retailer Delhaize, who previously spent 12 years with Deloitte France, specializing in real estate clients.

Casino specifies that the next steps now involve a share consolidation consisting of the exchange of 100 ordinary shares for one new share, followed by a capital reduction, both operations expected to take place during April.

Trading in Casino shares, which had been suspended since March 27, resumed on Thursday morning at the opening of the Paris market, to post a decline of over 63% after half an hour of trading.

Analysts point out that the group's recapitalization will result in massive dilution for existing shareholders, who will hold no more than 0.3% of the shares.

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