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, 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
Brasher will be succeeded by Pieter Boone, a former Chief
Operating Officer of German retailer Metro AG with
extensive international experience.
Brasher, a former head of Tesco'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
"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
When Brasher took the reins at the retailer, growth at
rivals Shoprite and Woolworths had outpaced
Pick n Pay for more than a decade as it struggled to fend off
($1 = 15.1221 rand)
(Reporting by Nqobile Dludla; Editing by Kirsten Donovan)
First Published: 2021-01-14 13:33:57
Updated 2021-01-14 14:42:04
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