The new Carrefour CEO and chairman has been named. He is Alexandre Bompard who will replace Georges Plassat, who confirmed his intention to retire at a board meeting this week.

A French businessman, Bompard, 44, has been CEO of electronics retailer Fnac since 2011, leading the company’s spinoff from Kering and float in 2013. He previously held senior roles with broadcasters Canal+ and Europe 1.

“The board of directors once again thanks Georges Plassat for the work accomplished over the past five years and for leading with efficiency the group’s turnaround,” Carrefour said in a statement.

“The board wishes success to Alexandre Bompard in his new role.”

Carrefour is one of the world’s largest retail groups, with 11,935 stores worldwide.