South Africa's Pick n Pay CEO to resign
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.
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"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.
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5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.