The Secretive Succession Plan at Casino: The Inside Story

2024-02-24 20:06:00

The consortium set up by Czech billionaire Daniel Kretinsky (left) will take control of Casino at the end of March. From Tuesday, Philippe Palazzi (right) will finally have the right to speak with all the group’s leaders. JOEL SAGET / AFP Kretinsky – Renaud Khanh/ABACA – AdobeStock – Editing by Charlotte Paroielle

INVESTIGATION – For more than seven months, Philippe Palazzi has been secretly preparing his “launched departure” as general management of the distributor.

Since the end of summer, every week, the ritual has been the same. In the Paris offices of Casino management, now grouped on a single floor of a building on Boulevard Haussmann, Jean-Charles Naouri, CEO and main shareholder of the distributor since the early 1990s, receives Philippe Palazzi, who is to succeed him to general management. The time and day may vary, but not the location: a meeting room, as the CEO is reluctant to receive guests in his office. There, the two men discuss the main strategic axes of Casino, which is due to come under the control of a consortium formed by the Czech billionaire Daniel Kretinsky, the Frenchman Marc Ladreit de Lacharrière and the Attestor fund at the end of March.

«I test hypotheses for the group with Jean-Charles Naouri, entrust to Figaro Philippe Palazzi, recruited at the beginning of July 2023 by Daniel Kretinsky, even before the latter won the fight which pitted him since the start of the year against the trio formed by Xavier Niel, Matthieu Pigasse and Moez Zouari for the takeover of Casino , in agony because of an abysmal debt. He has great knowledge of the company and is very attached to the teams. I listen to it and then I I will make my decisions.»

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