TFG: 18,996 +662 (+3.61%)
South African retailer TFG's CEO to retire, CFO to take over
JOHANNESBURG, March 12 (Reuters) - The Foschini Group (TFG)
said on Monday that CEO Doug Murray would retire on
Sept. 3 and be replaced by the firm's chief financial officer
Murray, who took the helm in 2007, will become a
non-executive director after his retirement, a TFG statement
"Over the past 11 years, Doug has continuously delivered
returns to shareholders and responsibly grown TFG to what it is
today. He has a people-orientated, results-driven approach which
has made him an invaluable leader," said chairman Michael Lewis.
Thunström, currently CFO of the Group, will become CEO
designate to ensure a smooth handover and officially assume the
position of CEO in September.
A process to recruit a CFO will commence with immediate
effect, the firm said.
(Reporting by Nqobile Dludla
Editing by Mark Heinrich)
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