French hypermarket chain Carrefour is postponing the spin-off of 25% of its property arm following the unexpected departure of its executive director for France, James McCann.

Chief Executive Lars Olofsson, who is taking over the operational management in France pending the appointment of a new director, has asked the board 'to defer the proposed listing of 25% of Carrefour Property'. He added, however, that the listing remains Carrefour's objective.

Carrefour shareholders were initially slated to vote on 21 June on the plan, which is part of a restructuring announced in early February this year after the French retail giant failed to live up to investors' expectations.

The move, which could generate up to EUR 4 bn in special dividends for the group's investors, is being pressed by the holding of Groupe Arnault of France and Colony Capital of the US, which have a combined 14% stake.

Olofsson also said the group intends to further develop and strengthen the commercial attractiveness of its sites with the implementation of a EUR 2 bn development programme.