(BFM Bourse) – The furniture distribution specialist has announced that Régis Massuyeau is leaving the company. The group will work to find him a successor.
Financial directors at Maisons du Monde have never stayed very long in recent years. The furniture distribution specialist announced on Wednesday after the market closed that Régis Massuyeau, its current chief financial officer, would leave the company.
“After having contributed for more than two years to the transformation and strengthening of the finance function in a fluctuating macro-economic context, Régis Massuyeau has decided to turn to a new professional project from September 2023”, explained the company. in a press release.
Gilles Lemaire, director of management control, resumes his post on an interim basis while waiting for the company to find a new financial director. A selection process is already underway, Maisons du Monde said.
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Succession of CFOs
As noted by TP ICAP Midcap, “a third financial director in four years will therefore be appointed soon”. Following the departure in 2019 of Arnaud Louet from Zadig & Voltaire, Eric Bosmans took over the torch, before leaving the company in 2021, replaced by Régis Massuyeau who therefore held this position for a little over two years.
This departure comes as Maisons du Monde recently saw François-Melchior de Polignac arrive at the head of the company, succeeding Julie Walbaum in March. “We had mentioned the instability that can reign when a new CEO arrives (director general, editor’s note). This departure is further proof of this”, asserts TP ICAP Midcap.
On the Paris Bourse, the Maisons du Monde share price is down 4% this Thursday around 3 p.m., after these announcements, to 8.53 euros. The market generally does not like the announcements of the departure of a financial director without a successor being named immediately. The cloud computing specialist OVHcloud was penalized on the stock market after a similar announcement exactly a year ago. Ditto more recently at Alstom, where the departure of Laurent Martinez (since replaced by Bernard Delpit) for Orange, announced in May, had tensed the market.
The departure of Régis Massuyeau also comes in a difficult context for Maisons du Monde, which has been suffering for several quarters from the consequences of high inflation which is pushing households to arbitrate consumption, limiting their spending on furniture. In the first half, the group’s sales fell by 11.4% over one year on a like-for-like basis while its operating profit plunged by 42.6%.
In this context, some analysts, such as Bryan Garnier & Co, downgraded their advice to “sell” the stock. TP ICAP Midcap, for its part, raised it at the end of July, going from “sell” to “keep”. But the design office warns: “we still do not exclude unpleasant surprises in future publications”.
Since the start of the year, the Maisons du Monde share price has fallen by 27.4%.
Julien Marion – ©2023 BFM Bourse
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