CLICKS: 18,099 +225 (+1.26%)
South Africa's Clicks CEO to retire, names insider as successor
JOHANNESBURG, Sept 21 (Reuters) - South Africa health and
beauty retailer Clicks Group said on Friday its Chief
Executive Officer David Kneale was retiring and will be
succeeded by insider Vikesh Ramsunder.
Kneale, 63, will remain in his current role until Jan.1 and
thereafter take up the role of group strategic advisor until 31
August 2019, Clicks said in a statement.
"David ... is an exceptional leader who has spearheaded the
strong growth in the company's core markets. Under his
leadership the group has delivered superior returns to
shareholders and seen the market capitalisation grow to 50
billion rand ($3.5 billion)," Clicks Chairman David Nurek said.
Ramsunder, current Chief Operating Officer, has been with
the group since 1993 and has held numerous roles across multiple
disciplines and business units.
The succession comes as the retailer has forecast earnings
growth of between 12 and 17 percent in the full-year to August.
Clicks is investing 700 million rand into new stores,
infrastructure and information technology this year, Kneale said
($1 = 14.3179 rand)
(Reporting by Nqobile Dludla
Editing by Ed Stoddard)
© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.