Cnova - comment

It may be a case of moving the deckchairs around on the Titanic, but Cnova have appointed a new CFO, with immediate effect. Yves Trézières, previously at Nexans, has replaced Maxime Dubarry, aged 41, who was only appointed on March 22nd this year. The new CFO is external, and has a background in Logistics.

We are not sure this is related to the widespread rumours surrounding Casino and its banking relationships. We are under no doubt the banks are examining all possibilities to encourage Casino to deleverage by means of further asset sales, but doubt Cnova is a high priority in this environment.