Carrefour chief executive exits

Duran is expected to leave at the end of this year, when he will be replaced by Lars Olofsson, vice president for strategic business units, marketing and sales at Nestlé.

Europe’s largest retailer, based in Paris, has struggled amid increased competition from hard discounters. Disgruntled shareholders have also criticised the pace of overseas expansion.

The hypermarket group’s board is expected to make the announcement within the next few days.

As well as being appointed chief executive, Olofsson is expected to become a full board member, which will give him a more powerful role than Duran, who only sat on the executive committee.

Duran became chief executive in 2005, but rumours have been circulating about his departure since the summer.

Christopher Hogbin, senior analyst at Bernstein Research, said: “Olofsson's experience seems relevant to the role at Carrefour with extensive experience of the consumer environment in France.

“This news is likely to be greeted positively in the near term, given many investors have been frustrated at the slow pace of change at Carrefour, and it will likely refocus investors on potential for strategic change at the company. Longer term, however, in our view, it will be difficult for a new CEO to drive rapid change at Carrefour.”