Saadé Family Becomes Carrefour’s Second-Largest Shareholder

The purchase heralds a new era among major Carrefour shareholders, as Peninsula, the family holding of the late Abilio Diniz, has now sold its 8% stake, Carrefour said in a statement. Financial details were not disclosed.

Carrefour said Saadé would get a seat on its board to replace Peninsula, which was represented by Eduardo Rossi, for the remainder of its term up to the 2028 annual general meeting. The switch will take effect from 1 December, it added.

‘Long-Term Development’

“Carrefour’s transformation, which combines innovation, operational discipline and environmental responsibility, is aligned with the values that guide our commitment,” Saadé said in the statement.

“By joining its board of directors, I intend to contribute to this momentum and support the group’s long-term development,” he added.

Galfa, the holding of the family that owns French department store Galeries Lafayette, remains Carrefour’s largest shareholder with a 9.46% stake.

Alexandre Bompard, chair and chief executive officer of Carrefour, added, “I would like to thank Rodolphe Saadé and his family for their trust in the Group’s transformation strategy.

Rodolphe Saadé’s commitment, vision and experience will make a major contribution to our governance, to the group’s growth and to the creation of long-term value.”