| Wed 8 Feb 2012, 11:15 | | PWK/PIK - Pick n Pay Holdings / Pick n Pay Stores - Announcement: Pick n Pay |
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PWK PIK
PWK PIK
PWK/PIK - Pick n Pay Holdings / Pick n Pay Stores - Announcement: Pick n Pay
Pick n Pay Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1981/009610/06)
Share code: PWK ISIN code: ZAE000005724
Pick n Pay Stores Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1968/008034/06)
Share Code: PIK ISIN code: ZAE000005443
ANNOUNCEMENT: PICK N PAY
Pick n Pay announced today that CEO Nick Badminton would resign from the board
of Pick n Pay effective the end of the financial year but would be available to
assist the company and its chairman in the transition period.
Said Badminton: "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.
"I feel that I`ve now completed what I set out to do and looking ahead, it`s an
appropriate time for the board to select a new CEO, and with the executive team,
to continue rolling out and embedding the changes the business needs to make.
"After turning 50 last year and 32 years with the company, five as CEO and six
before that as Retail MD, and with the business firmly on the path to recovery,
I think that it`s a good time for me to take a sabbatical to spend some quality
time with my family and my bicycle."
During the global search for a new CEO, Pick n Pay chairman Gareth Ackerman will
move to executive chairman responsible for company strategy and working with the
leadership team to embed the changes in the business, while preparing the
company for succession. Deputy CEO Richard van Rensburg will assume day-to-day
operational responsibility, backed by the dynamic team of executives at the
company to further implement changes in Pick n Pay. The search will include
internal candidates and external candidates, both local and international.
Said Ackerman: "Nick had an incredibly tough job to do. It`s difficult enough
transforming a company of our size and scale to the degree required, but to run
the business at the same time and right in the middle of what has been the most
serious recession in decades - and with an international competitor coming in -
was particularly tough.
"With his team, he has executed the turnaround extremely well, and during his
tenure, there have been a number of particularly notable achievements and
milestones which he led. Some of these include:
2007
* Successfully implemented SAP to modernise and upgrade Pick n Pay`s
operations and systems;
* Initiated the central distribution journey - a critical step forward, and
opened the Longmeadow distribution centre in Johannesburg;
* Began the successful transition of Score stores to Pick n Pay and Boxer,
which has had very positive results;
2008
* Successfully refreshed and upgraded Fresh Food and Private Label;
* Changed the entire look and feel of Pick n Pay, reinvigorating the brand.
By order of the board
Cape Town
8 February 2012
Sponsor:
Investec Bank Limited
Date: 08/02/2012 11:15:01 Produced by the JSE SENS Department.
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