UPDATE 1-South Africa's Pick n Pay CEO Brasher to retire in April
JOHANNESBURG, Jan 14 (Reuters) - Richard Brasher, the chief executive of South Africa's Pick n Pay Stores Ltd PIKJ.J , will retire with effect from April 21 after eight years at the helm, the country's no.3 grocery chain by market value said on Thursday.
Brasher will be succeeded by Pieter Boone, a former Chief Operating Officer of German retailer Metro AG B4B.DE with extensive international experience.
Brasher, a former head of Tesco (LON: TSCO )'s UK business, said last May he had delayed plans to step down after working for 35 years in retail on four continents, to help Pick n Pay weather the pandemic.
"My aim when joining Pick n Pay eight years ago was simply to leave the business in a much stronger position than I found it," he said on Thursday.
Brasher has indeed led a "remarkable" turnaround and the company is "immeasurably stronger now," Chairman Gareth Ackerman said, noting he had almost doubled Pick n Pay's store network and grown turnover to almost 90 billion rand ($5.95 billion) from 55 billion rand when he joined the company.
"As well as delivering consistent and sustainable profit growth, modernising the Pick n Pay business, expanding our offer and transforming our efficiency, Richard has led the transformation of Boxer into Africa's fastest-growing limited range discounter," Ackerman said, referring to one of Pick n Pay's subsidiaries.
When Brasher took the reins at the retailer, growth at rivals Shoprite SHPJ.J and Woolworths (ASX: WOW ) WHLJ.J had outpaced Pick n Pay for more than a decade as it struggled to fend off competition.
($1 = 15.1221 rand)
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb
Drop an image here or