PIK - Pick n Pay Stores Ltd - New CFO-designate and retail finance director for
PIK
PIK
PIK - Pick n Pay Stores Ltd - New CFO-designate and retail finance director for
Pick N Pay
Pick n Pay Stores Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1968/008034/06)
Share code: PIK ISIN: ZAE000005443
NEW CFO-DESIGNATE AND RETAIL FINANCE DIRECTOR FOR PICK N PAY
Pick n Pay announced today that Chief Finance Controller Bakar Jakoet had been
appointed CFO-designate to take over from Dennis Cope when he retires at the end
of April 2011, at which time Bakar will be appointed to the Board of Pick n Pay
Stores Limited.
CEO Nick Badminton said that this promotion had been "extremely well earned" and
that Bakar was a very worthy successor.
"This appointment is the culmination of a carefully compiled succession plan for
Dennis which has been in place for many years."
Bakar has been with the Group for 26 years, was appointed a divisional director
in 1993 and has served on the Retail Management Board since its formation in
1995. Bakar is currently the Chief Finance Controller on the Retail Management
Board, a position he has held for almost 15 years.
Bakar joined the Group in 1984 after qualifying as a Chartered Accountant and
prior to his Retail Board appointment has worked in Hypermarkets and mainly in
the Group`s Corporate Finance division. He has been involved in various projects
for the Group both locally and internationally.
For the year ahead, Bakar will spend time with Dennis Cope understanding the
details and demands of his new position but will also be attending various
training and development programmes both locally and abroad to maximise his
exposure to international best practice.
At the same time, the company also announced that current Company Secretary Gary
Lea has been appointed Retail Finance Director on the Pick n Pay Retail
Management Board.
Gary qualified as a Chartered Accountant in the UK, returning to South Africa in
1991. He joined the Pick n Pay Corporate Finance Division in 1996, after working
for the Group`s external auditors, where he developed a good insight into the
company.
Gary was appointed a divisional director in 2001 and Company Secretary in 2002.
In addition to the responsibilities of Company Secretary, Gary has a wide
portfolio of finance responsibilities in the Corporate Finance Division, working
with Dennis Cope.
Sponsor: Investec Bank Limited
19 May 2010
Date: 19/05/2010 11:09:03 Produced by the JSE SENS Department.
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