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PICK N PAY STORES LIMITED - Richard Brasher to retire as CEO of Pick n Pay, Pieter Boone appointed as his successor

Release Date: 14/01/2021 13:00
Code(s): PIK     PDF:  
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Richard Brasher to retire as CEO of Pick n Pay, Pieter Boone appointed as his successor

Pick n Pay Stores Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1968/008034/06)
Share Code: PIK
ISIN code: ZAE000005443


Pick n Pay Chairman, Gareth Ackerman, today announced that, after successfully leading
the business for eight years, Richard Brasher will retire as CEO with effect from 21 April
2021. Following a comprehensive local and international search, Richard will be
succeeded as CEO on that date by Pieter Boone, former Chief Operating Officer of Metro
AG. A Dutch national, Pieter has extensive international experience in the retail, food
service and wholesale sectors and exceptional experience in delivering retail growth,
including greenfield development.

Chairman Gareth Ackerman said:

“We are naturally very sad to be announcing Richard’s departure. He has led a
remarkable turnaround in our company, and the Pick n Pay Group is immeasurably
stronger now than when Richard took over in 2013. He has almost doubled Pick n Pay’s
store network, and has grown turnover from R55 billion when he joined the company to
almost R90 billion. 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.

“Today’s announcement is very much a planned succession. Richard originally told the
Board of his intention to step down over a year ago, and I am grateful to him for
agreeing so readily to remain at the helm through the worst of the Covid-19 crisis, and
until we had identified a suitable successor.

“I am delighted that Pieter Boone will succeed Richard as CEO in April. As all our
stakeholders would expect, we conducted a very thorough search internally and
externally, both inside and outside South Africa. We had many possible candidates, but
we knew when we met Pieter that we had found the right person. Pieter has exceptional
global retail experience across a number of diverse geographies. He has consistently
demonstrated the ability to lead and deliver sustainable growth in tough and emerging
markets. His wide-ranging experience will stand him in very good stead across all areas
of the Pick n Pay business, including Boxer and franchise, our growing online offer, and
our value-added services.”

Richard Brasher said:

“This is in many ways a sad day for me, but also an exceptionally proud one. I have
worked in retail now for 35 years, traded across four continents and 24 countries. I
have held the highest office in two great retailers, and have had a truly memorable

“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. I am extremely grateful to my team and the
whole Pick n Pay and Boxer family for helping me to deliver this goal. The past year in
particular has been the most unforgettable of my long career. In the face of the most
incredible headwinds, our business and our people have stood strong, taken every
challenge in their stride, and worked harder than ever before. We have delivered for the
people who matter most – our customers. This has been the best testimony I could
want in demonstrating that our business is strong, modern, flexible, and ready to seize
the huge opportunities of the future.

“I want to thank every colleague in Pick n Pay and Boxer for standing shoulder to
shoulder with me for the past eight years, and in particular Gareth Ackerman, the
Ackerman family, and the Board, for giving me immeasurable support throughout.
“I am excited for Pieter and excited for the future of the Pick n Pay Group, and will give
the company my full support in ensuring a smooth transition in the coming months.”

Pieter Boone said:

"I am delighted to be joining the Pick n Pay team at this time. Richard is leaving the
business in a very strong position, with huge potential to grow and serve more
customers. Retail is changing throughout the world, and my job will be to ensure that
the Pick n Pay Group is at the forefront of change – earning the lifetime loyalty of more
customers by giving them more, better and new ways to shop with Pick n Pay and Boxer.

“Pick n Pay has a very rich and impressive heritage, and wonderful values. Values and
people are tremendously important to me, so the business is the most perfect fit. I feel
privileged and humbled by the confidence placed in me by Gareth Ackerman, the Board
of Directors and the Ackerman family to lead this esteemed company into the next phase
of its journey.

“I look forward to working closely with Richard to achieve a smooth handover in the
coming months, and to leading the Pick n Pay and Boxer teams to create more relevance
for the customers we serve and would like to serve.

“The past year has been challenging and tough in South Africa and in so many other
parts of the world. But I have huge faith in the ability of the country and the continent
to triumph in the coming years, and cannot wait to get started on this journey.”

An application for the necessary work permit for Pieter Boone has been submitted for

By order of the Board

Cape Town
14 January 2021

Investec Bank Limited

Date: 14-01-2021 01:00:00
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