Carrefour fires the boss

The CEO of the world's #2 retailer got the ax today. Carrefour announced that Jose Luis Duran would be replaced January 1 by Lars Oloffson, a top exec at Nestle. Things had not been going well at Carrefour even before the current downturn:

The company has consistently missed market expectations for its results in recent years, and the onset of the global economic crisis has further hurt its business, as French consumers increasingly seek out discount stores.

The company's stock is down 44% this year. Carrefour has been very active internationally in recent years, especially in China and Brazil, but it hasn't been enough to offset poor performance in France.