SOUTH AFRICA: Massmart CEO Pattison steps down
Massmart is majority owned by Walmart
South-African retailer Massmart has announced the resignation of its CEO Grant Pattison.
Pattison, who has been in the position since 2007, will step down on 1 June. He will be succeeded by COO Guy Hayward.
During Pattison's tenure as CEO, Massmart sold a majority stake in the business to Wal-Mart, marking the US retailer's entry into Africa. The retailer had also entered into food retail through Cambridge Food, Game, Makro and Saverite.
Massmart deputy chairman Chris Seabrooke, commenting on behalf of the board, said: "We are saddened by Grant's decision. A strong and visionary leader, he successfully steered the group through a protracted transaction and the subsequent integration with Walmart while delivering significant value to shareholders."
Pattison said: "I have been CEO for seven years, the last three of which were undoubtedly the most rewarding and challenging of my career. Leading the sale of a 53% equity stake of Massmart to Walmart was a unique privilege and the integration process that followed was a satisfying, albeit demanding, experience.
"I have led a remarkable team and I am immensely proud of what we have accomplished during my tenure. The group is in good shape and well positioned for growth and I can think of no better time to hand over the reins. My successor is someone with whom I have worked closely and who has the skill and energy to take Massmart forward. I would like to congratulate Guy on his appointment and wish him well in his new role."
Wal-Mart is the largest retailer in the world. The company has retail stores worldwide, with 10,773 stores recorded across 27 countries at the end of January 2013. Despite the dominant position the co...
Wal-Mart de México is by far the leading and most influential chained grocery retailer in Mexico. Its strategy of offering low prices to attract consumers has been replicated by all other chained groc...
The tough financial situation in 2012-2013 forced Wal-Mart to be more cautious about expansion. The company plans to upgrade outlets and close underperforming stores in the forecast period. For exampl...
It is expected that Wal-Mart Brasil will continue to focus on the expansion of its stores, especially in areas such as the northeast region where disposable incomes are growing above the average in th...
- M&A Watch: Raisio should sell to private equity
- Analysis: Market bets on higher Chiquita offer
- Briefing: Expansion agenda of Japan's food majors
- On the money: Solid Lindt outpaces chocolate peers
- Why exporters still see opportunities in Japan
- Kerry cools claim spreads move could hit jobs
- Pork Farms buys Kerry Group's pastry plants
- Campbell Soup's Plum division to pull out of UK
- Profits up at chocolate group Lindt
- Japan's Sanyo takes stake in Olam's food biz