South African retailer Pick ‘n Pay is to say goodbye to its CEO Sean Summers, who is taking early retirement at the end of February next year.
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Summers has been with the company for 34 years, 11 of them in the CEO’s office. Given that he is only aged 53, his plans to retire took the market by surprise, with the company’s share price weakening 1% before rallying slightly by the end of Tuesday.
However, Pick ’n Pay chairman Raymond Ackerman said that Summers had “earned the right to make this decision after a period of particularly good and vastly increased shareholder value for the company”.
His successor has already been named. Nick Badminton, currently head of the company’s retail division, will take over in March of next year.
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