* Badminton steps down to spend time with family
* Chairman to move to executive chairmanship rose
* Deputy CEO to be in charge of operations
(Adds details, shares)
JOHANNESBURG, FEB 8 – South Africa’s Pick n Pay
said on Wednesday its chief executive would step down
at the end of this month, leaving the nation’s No.2 grocer as it
faces increased competition from Wal-Mart.
Nick Badminton, who has been the CEO of the Cape Town-based
company for five years, said he was stepping down to spend time
with his family.
“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,” he
said in a statement.
While consumer spending in Africa’s top economy is gradually
improving, Pick n Pay has yet to see major benefits as it has
spent a chunk of its cash building distribution centres to boost
margins and win back market share.
The family-run company is also facing increased competition
from U.S. retailer Wal-Mart Stores Inc, which took 51 percent
stake in local discounter Massmart last year and has
set out an aggressive strategy to win business.
The company said Pick n Pay chairman Gareth Ackerman would
take the role of executive chairman responsible for strategy,
while deputy CEO Richard van Rensburg would be responsible for
operations until the new CEO is found.
The company said it would consider both international and
local candidates for job.
Shares in Pick n Pay, which are valued at 21.8 billion rand,
fell 0.89 percent to 45.43 rand by 0935 GMT, lagging behind a
0.92 percent rise in the JSE Top-40 index
(Reporting by Tiisetso Motsoeneng; editing by David Dolan)
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