Pick n Pay hires new CEO as Brasher retires

Published Date: 2021-01-15 | Source: Stephen Gunnion | Author: Stephen Gunnion

Brasher will be replaced by Pieter Boone, who was identified in a global search that included internal candidates.

Pick n Pay CEO Richard Brasher will retire in April after eight years at the helm of the supermarket group. He'll be replaced by Dutch national Pieter Boone.

Brasher took over at retailer in 2013 and led a turnaround that resulted in a doubling of its store network, growing turnover from R55 billion to almost R90 billion. As well as delivering consistent and sustainable profit growth, modernising the business, expanding its offer and transforming its efficiency, Pick n Pay said Brasher also led the transformation of its Boxer chain of supermarkets into Africa's fastest-growing limited range discounter.

Boone was identified in a comprehensive local and international search, including internal candidates. He was previously chief operating officer of Metro AG, a leading international business in the food and hospitality sector, and SHV Holdings, one of the world's largest private trading groups, which includes the major Makro Cash & Carry wholesale business. Boone moved across to Metro when it acquired Makro. Pick n Pay said he had extensive international experience in the retail, food service and wholesale sectors and exceptional experience in delivering retail growth, including greenfield development.

Pick n Pay said an application for the necessary work permit for Pieter Boone had been submitted for approval.

The retailer's shares declined 0.8% to R49.99 yesterday.