At a meeting of the Board of Directors held on May 15, 2019, Jacques Ehrmann resigned as Chairman and Chief Executive Officer and Director of Carmila. This resignation will take effect on June 30, 2019. After consulting its Compensation and Nominating Committee, the Board of Directors has chosen Mr. Alexandre de Palmas to succeed Mr. Jacques Ehrmann as Board member and Chairman and Chief Executive Officer of Carmila as of July 1st, 2019.

After a first retail real estate experience with the Casino Group, Alexandre de Palmas, 44, has held senior management positions at Clear Channel, Elior (catering) and Carrefour Proximité, which have placed him at the consumption and marketing, valuable knowledge for the development of Carmila.