South Africa's Pick n Pay CEO to resign

By Bizclik Editor

South Africa’s second largest grocer, Pick n Pay, is on the hunt for a new Chief Executive.

Current CEO Nick Badminton has announced that he will leave his role at the end of this financial year to spend more time with his family.

It comes at a time when Pick n Pay is facing increased competition in the face of US firm Walmart’s aggressive entrance into the South African market, which took at 51 percent stake in Massmart last year.

Despite consumer spending increasing, Pick n Pay saw its profits tumble in the first half of 2011 after heavy investment in more distribution centres and a shopper reward scheme.



Africa's biggest brands: MTN's recipe for success

The most prestigious cards on the planet

iOS vs Android vs BlackBerry OS

Read the latest edition of African Business Review here


"The most important and significant changes necessary to transform Pick n Pay have now either been made, or are well advanced in their implementation," said Badminton in a statement.

“I feel that I’ve now completed what I set out to do and looking ahead, it’s an appropriate time for the board to select a new CEO, and with the executive team, to continue rolling out and embedding the changes the business needs to make.

"I think that it’s a good time for me to take a sabbatical to spend some quality time with my family and my bicycle,“ he added.

The company said Deputy CEO Richard van Rensburg would be responsible for operations until the new CEO is found, with Chairman Gareth Ackerman taking the role of executive chairman responsible for strategy.

Pick n Pay has said international and national candidates will be considered for the post.

African Business Review is now available on the iPad. Click here to download it.


Featured Articles

Middle East GDP hike of 57% if more women join workforce

By tapping into the potential of next-generation female workers, the MENA region could unlock new economic opportunities, up to US$2 trillion, reports PwC

Dialight supplies LED solutions for industrial safety

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Tech, AI, cloud, cyber speakers at TECH LIVE LONDON

TECH LIVE LONDON events sees technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force among the inspirational speakers

Cyber LIVE adds Vodafone head of cyber Kawalec to line-up

Leadership & Strategy

Musk’s multibillion hostile Twitter takeover – the timeline

Leadership & Strategy

Sustainable moves businesses can make to win customers, IBM