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 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...
In Canada, the company is strongly focused on the development of its Wal-Mart Supercenter grocery format, with new stores scheduled to open in the coming years as it prepares for a long battle with ne...
Project Synopsis: MarketLine's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity unde...
- Mondelez results and outlook - 7 things to learn
- Comment: Hain Celestial cognisant of US challenges
- What should you learn from 2015 olive oil prices?
- just-food's three top tips for M&A deals in 2016
- Why Lactalis swooped for Romanian dairy Albalact
- Mondelez continues to see margins up, sales mixed
- Hain Celestial lifted by international, protein
- China eyes further infant formula restrictions
- Unilever launches eggless Hellmann's mayo in US
- Unilever launches dairy-free Ben & Jerry's in US