French supermarket chain names new finance chief

Bloomberg

Casino Guichard-Perrachon SA promoted David Lubek to chief financial officer as the embattled French supermarket chain freshens up management in a bid to fend off short sellers who question its accounting.
Lubek, 45, replaces Antoine Giscard d’Estaing, a 57-year-old nephew of a former French president.
The outgoing CFO will pursue new professional projects after 10 years at the company, Saint-Etienne, France-based Casino said. The stock fell as much as 1.3 percent in a declining market.
Casino has been in a battle with short sellers for three years, since Muddy Waters Capital chief investment officer
Carson Block disputed the retailer’s accounting in late 2015. Investors have bet against more than a third of the company’s freely traded shares, according to IHS Markit data.
Clement Genelot, an analyst at Bryan Garnier, said he doesn’t think the CFO’s departure is linked to the short sellers, as Lubek has been deputy CFO for several years and a promotion seemed natural.
“The transition should thus be seamless and the operational implications are to be put into perspective,” Genelot said.
“Mr. Lubek has been very active in financial communication recently.”