First, the unions accuse the leader of unraveling the group’s social model by entrusting many of its stores to independent merchant franchisees – and thereby outsourcing the employees, who are no longer employed by the group. Legal proceedings are even underway, led by the CFDT. Next, about 260 of these franchise store operators, precisely, accuse Carrefour of making unfair supply contracts, which would financially strangle them. Gathered in an association (the Carrefour Franchisee Association), they are supported in their legal approach by Bercy, which has even pleaded for a fine of 200 million euros. And on this May 28, the media La Lettre revealed that a new investigation had been commissioned by Bercy, this time on the franchisees of a small group brand, Promocash.
Another point of tension: the plunge in Carrefour’s stock price (the share is worth 14 euros, compared to 21 euros just three years ago). Consequently, rumors are rife about a possible takeover of the group – unfinished negotiations would have taken place with the Dutch giant Ahold Delhaize, as revealed by the media La Lettre, on May 23. A handful of left-wing deputies (Arthur Delaporte from the PS, Elsa Faucillon from the PCF, Aurélie Trouvé from LFI…) even penned an op-ed in the magazine Politis on May 28 to warn: “To preserve our jobs and our sovereignty, Carrefour must remain under French flag”. Among the predators lurking around Carrefour, one is particularly talked about: the activist Kévin Romanteau, at the head of the activist fund Whitelight Capital, who openly wants the fall of CEO Alexandre Bompard. The latter sent on May 27 a list of 200 questions to the management of Carrefour, giving them 30 days to respond. Is this a consequence of the storm surrounding the group for several weeks and its poor results last year with a turnover down 2.3% in France? The CEO’s compensation for the 2024 fiscal year – which should total 7.2 million euros, to which could be added more than 5 million euros in shares in 2027 – was only approved by 61% of the group’s shareholders’ votes. That’s 10 points less than last year, and 30 less than the average for publicly traded companies.
However, he appeared combative in front of the shareholders. Questioned by Erwanig Le Roux from CFDT Carrefour about the switch of stores to franchises, Alexandre Bompard delivered a political – and very prepared – attack against the union. “You analyze Carrefour as if we were in a protected model, as if there was no Temu, as if there was no Shein”, he thundered. In short, to resist low-cost e-merchants, Carrefour has no other choice… but to reduce payroll. “When a company like Jennyfer disappears, it’s dramatic”, he continued, surprised not to see the unions more involved in the issue. The CEO had earlier defended “the resolute choice of the franchise”. The CFDT delegate sighs, annoyed by the strange device put in place: “Communicating through an interposed screen, that’s the image of social dialogue as we live it at Carrefour at the moment”.
Similarly, regarding the rumors of Carrefour’s takeover, the CEO – while skillfully maintaining ambiguity about their reality but acknowledging “receiving phone calls” – considered that, far from showing the group’s vulnerability, these whispers showed that it “was doing well”. Without closing the door to major maneuvers, Alexandre Bompard hammered: “We are capable of developing on our own”. To this end, he recalled the importance of the review of Carrefour’s assets that is underway, which should allow the sale of non-strategic activities – less dynamic formats, less developed countries – to invest in the three key markets: Brazil, Spain, and especially France, where it is urgent to continue lowering prices in the face of an ever-aggressive Leclerc. More broadly, Alexandre Bompard boasted of a “great confidence in the future”, and in the “safe haven value” that Carrefour represents on the stock market. “Our model remains very solid”, he boasted. He even estimated in a solemn tone: “It is an honor for me to lead this unique company”. A way to cut short the rumors that had announced his departure in recent weeks, sometimes at Kering, sometimes at France Télévisions, while the CEO’s term will end in 2026?
In any case, Alexandre Bompard still seems to enjoy the support of his shareholders. Indeed, his compensation for 2024 – although significantly lower than that of 2023 – was highly contested – which should also give grist to the mill of the activist Kévin Romanteau, who remained very discreet during the general meeting. But the compensation scheme for 2025, on the other hand, was voted at 92% of the votes. It remains to be seen if, next year, the leader will transform the test and manage to maintain this high level of approval of his compensation, while he himself is counting on a difficult year. Above all, 2026 – the last year of the current term – will be the year when we will know if Alexandre Bompard will run for a third term at the head of Carrefour. On one hand, many observers believe that it is time for this all-terrain leader to leave the Carrefour swamp lest he get bogged down. On the other, staying would allow him to finally complete the mission entrusted to him by the shareholders when he arrived, when he was crowned with the stock market success of the Fnac-Darty merger: to raise the stock price.
