Jef Colruyt with his successor. — © Group Colruyt
The share of the Colruyt Group got off to a flying start on the stock market on Wednesday. At the opening there was a profit of 9 percent.
On Tuesday it was announced that Jef Colruyt, who will turn 65 in October, will step down as CEO of the Colruyt Group at the end of this month. That timing is remarkable, after two turbulent years for the retailer. He will give more explanation on his departure at a press conference on Wednesday morning. His successor will be Stefan Goethaert, the very first director who does not come from the family.
In terms of numbers, net profit came in just below analysts’ expectations, but profit margin, sales and operating profit (EBIT, earnings before interest and tax) were better than expected.
This was immediately apparent on the stock exchange on Wednesday morning. The new era for the retail giant after the announced departure pushed the share higher. The share opened by no less than 9 percent.