Despite slowing action and disappointing financial results for 2021, Casino’s general meeting approved the increase in Jean-Charles Naouri’s annual fixed compensation by more than 97%.
The CEO of Casino Jean-Charles Naouri, 73, was unsurprisingly reappointed for three years to the board of directors of Casino, of which he is a controlling shareholder, on Tuesday during the general meeting of the food distribution group.
Jean-Charles Naouri, controlling shareholder of the group and sole executive corporate officer of the company, has been CEO of Casino since 2005 and largest shareholder since 1992. The renewal of his mandate until 2025 was approved by more than 98% of voters at the general meeting of the group.
“The Board of Directors, which will meet at the end” of the general meeting, will be called upon to decide on the proposal to maintain the unity of functions and to renew Mr. Jean-Charles Naouri in his functions as chairman. -Chief Executive Officer”, was specified in the group’s universal registration document.
This should be a formality insofar as “the Board considers that the strategic and financial challenges facing the group require the pursuit of a unified direction”.
Share down 28%
Casino’s general meeting also validated by more than 97% an increase in the annual fixed compensation of Jean-Charles Naouri for the 2022 financial year, increased to 825,000 euros gross for the group’s CEO. This amount “will not be increased during the term of office” 2022-2025, according to official Casino documentation.
The annual fixed compensation of Jean-Charles Naouri was 700,000 euros gross between 2005 and 2013 and 480,000 euros gross between 2013 and 2021, according to the universal registration document.
Casino, whose stock has lost nearly 28% of its stock market value since the start of 2022, published at the end of February disappointing financial results for 2021with declining sales and swelling debt once more.
The group’s financial director David Lubek then justified this increase in debt by “transitional elements linked to the transformation of the group” as well as by “sales carried out during the year (which) were not taken into account” in debt at the end of 2021.
