Carrefour speeds up CEO transition to Plassat

Retail titan Carrefour has accelerated its transition to a new CEO, handing the job to Georges Plassat as the company struggles to shore up sales hit by Europe's protracted debt crisis.

Outgoing CEO Lars Olofsson announced earlier this year that he would step down in June as the company struggled and some shareholders voiced their dissatisfaction..

Carrefour, Europe's biggest retailer by revenue, said in a statement that Olofsson resigned Wednesday and Plassat replaced him immediately.

Thursday's statement gave no reason for Olofsson's speeded-up departure, saying only that "he considered that all the required conditions were met to shorten the transition period."

Plassat, formerly chief executive of Vivarte, a clothing company, joined Carrefour earlier this year for the transition.