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."
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...
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...
- BRICs and beyond: Fonterra, Beingmate partnership
- On the money: Mengniu hones in on "star" brands
- just-food interview: Agropur CEO Robert Coallier
- Consuming issues: The hunger-obesity paradox
- On the money: Hormel still looking for M&A
- Fonterra, Beingmate launch infant formula JV
- Mondelez eyes snacks categories in India
- UK firm Pasta Reale enters administration
- H1 profits down at dairy group FrieslandCampina
- Gifting brand Cadbury Glow set for launch in India