Carrefour Israel Replaces Top Management Amid Stock Exchange Listing Plans

Carrefour Israel is undergoing a significant leadership change as it prepares for its initial public offering on the Tel Aviv Stock Exchange. Michael Luboshitz, who recently stepped down as CEO, will also forgo a planned co-chairman role alongside Zvika Shwimmer. This decision was made by the board of directors as the company progresses with its IPO process, having submitted its first draft prospectus in early September.

Luboshitz was instrumental in rebranding the Yeinot Bitan chain to Carrefour and guiding the company from a period of losses to improved profitability. In the first half of 2026, Carrefour Israel's food operations generated approximately NIS 1.68 billion in revenue, a 2.4% increase, with EBITDA (excluding IFRS 16) reaching about NIS 76 million, up from NIS 66 million in the same period last year. However, same-store sales declined during the year, indicating that the new CEO, Inbal Harson, inherits a business that has largely recovered but still needs to demonstrate genuine growth in existing stores.

Harson, who previously served as CEO of the Sales Division at The Central Bottling Company and held senior roles at Tnuva, has already begun implementing changes in the management team. The shift away from Luboshitz effectively transfers more managerial control to Harson, streamlining the structure established during the transition period. The timing is particularly sensitive due to the upcoming IPO.

Electra Consumer Products, the parent company, is considering a move that could significantly reduce its stake in Carrefour through a share offering and a potential sale. The company's valuation is currently estimated between NIS 750-950 million. Electra Consumer Products had previously targeted 2026 as the year Carrefour would mature into a more independent asset. The IPO aims to provide the market with a clear valuation for an operation that was once a burden but has become a more profitable asset over the past 18 months. Investors will now see updated financial figures alongside a nearly entirely new management team.

Carrefour's challenge moving forward is to prove that its profitability improvements are sustainable and driven by the core business, even after the departure of the leaders who spearheaded its recovery phase.