| Tue 22 Aug 2006, 10:00 | | Pick `n Pay Stores Ltd - Nick Badminton to succeed |
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PIK
PIK
Pick `n Pay Stores Ltd - Nick Badminton to succeed Sean Summers
Pick `n Pay Stores Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1968/008034/06)
Share code: PIK ISIN: ZAE000005443
NICK BADMINTON TO SUCCEED SEAN SUMMERS AS PICK `N PAY CEO
Retail MD to take the helm in March 2007
(Cape Town, 22 August 2006) Pick `n Pay chairman Raymond Ackerman confirmed
that company CEO Sean Summers would be succeeded by current Retail MD, Nick
Badminton in March 2007. Sean will have spent 34 years at the company and eleven
years at the helm.
Summers, 53, joined Pick `n Pay as a trainee manager in 1974. He was appointed
Deputy MD in 1993, Retail MD in 1995 and Group Managing Director and CEO in
1999.
Said Summers: "After 33 years" service and eleven years as MD and CEO, I decided
that as the company enters its next stage of evolution, I"d like to use the
opportunity to take a step back, assess my personal and professional life, the
various opportunities open to me and take a bit of a break after February. In
keeping with good governance, the company has been planning my succession since
I was first appointed and given that I need some new challenges, it seemed fair
to the company that I hand over to my successor at the year end.
"This is a very smooth succession. Nick has been Retail MD since 2001 and we
have worked shoulder to shoulder for much longer than that.
"Nick has been with the company for 27 years and his performance as MD of Retail
has been exemplary. Since becoming Retail MD in 2001, we have seen our core
retail division producing strong earnings growth under his stewardship.
"Nick and his management team have concentrated on evolving Pick "n Pay and
increasing its footprint at the same time. Greater numbers of both corporate and
franchise stores have given us greater exposure to the market in some key areas,
and franchising has consistently delivered strong performances.
Chairman Raymond Ackerman said: "the average tenure of a CEO is between 5 and 7
years and Sean has been at the helm for 11. He has earned the right to make this
decision, after a period of particularly good growth and vastly increased
shareholder value for the company under his leadership."
"We embarked on a restructuring exercise over a decade ago, which separated the
family"s interest from the professional operation of Pick `n Pay. In 1998, the
roles of Chairman and Chief Executive at Pick `n Pay were separated. The depth
of management within Pick `n Pay has allowed us to plan succession very
effectively and we are pleased that Nick will become Pick `n Pay"s new CEO with
effect from March."
Badminton, 45, joined Pick `n Pay in 1979 as a trainee manager. He became GM of
the Western Cape in 1994, was appointed to the Retail Board in 1998 and became
Retail MD in 2001.
Said Badminton: "I have been understudying Sean for some years and have been
fortunate enough to work under one of South Africa"s leading chief executives. I
could not have asked for a better mentor and leader and of course, I am
delighted to be succeeding him."
Said Ackerman: "During Sean"s tenure as CEO, the company has performed
incredibly well. He has received a number of business and industry awards and
has led the company through some critical milestones, including the extortion
crisis we faced in 2003, our entry into Australia in 2001 and the acquisition of
Boxer in 2002 and the pending acquisition of Fruit & Veg City in 2006."
"Nick is a very worthy successor to Sean and will be working closely with him
over the next six months.
Said Summers: "I have had an incredible career at Pick `n Pay and of course, I
remain a fairly significant shareholder in the company.
"The company is poised for continued growth into the future in its many
divisions serving the consumers of South Africa."
ENDS
For further information, please contact Tamra Veley on 021-426 1233 or 083 251
3658.
Date: 22/08/2006 10:00:05 AM Produced by the JSE SENS Department
