The board of Carrefour on Sunday approved the appointment of retail veteran Georges Plassat at the helm of the world's second largest retailer following months of turmoil, a source close to the matter told Reuters. Board members took the decision at a meeting on Sunday evening, the source said, but gave no further details.

Plassat, 62, head of private-equity backed retailer Vivarte, replaces Lars Olofsson, who had been living on borrowed time after a string of profit warnings that hammered Carrefour shares down 43 percent over the past year. Carrefour declined to comment.