Nick Badminton has announced his intention to stand down as chief executive of South African supermarket operator Pick n Pay.
In an announcement last week (8 February), Badminton said he intended to leave the company in order to spend more time with his family. His resignation will come into affect at the end of the current financial year.
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Pick n Pay has come under increasing financial pressure, with headline EPS almost halving in the first six months of the current fiscal to 31 August, despite rising sales.
The company has repeatedly insisted that declining earnings are the consequence of necessary investments aimed at transforming the group into a “world-class retailer” and, announcing his departure, Badminton reiterated the progress that has been made in this regard.
“When I came in as CEO, we became singularly focused on the transformation of Pick n Pay. This transformation was centred on winning with our customers. It included improving our product offer and our stores, which necessitated large investments in our operations, particularly the implementation of SAP and centralised distribution. We also converted Score to Pick n Pay. The most important and significant changes necessary to transform Pick n Pay have now either been made, or are well advanced in their implementation,” he insisted.
Pick n Pay said that it has launched a “global search” for a new CEO, which would include internal and external candidates. In the meantime, the group revealed that chairman Gareth Ackerman will become executive chairman responsible for company strategy and working with the leadership team to embed the changes in the business. Deputy CEO Richard van Rensburg will assume day-to-day operational responsibility.
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By GlobalData
