* New CEO starts work in February 2013
* Pick n Pay shares jump nearly 7 percent
* Pick n Pay looking to regain market share
By Tiisetso Motsoeneng
JOHANNESBURG, Oct 3 (Reuters) – South Africa’s Pick n Pay
named the former head of Tesco’s UK business as its new
chief executive on Wednesday, as the country’s No.2 grocer
struggles to regain market share and fend off competition from
U.S. giant Wal-Mart.
Shares of Pick n Pay rallied nearly 7 percent after it said
Richard Brasher, a Tesco veteran of 25 years, will take
over in February, ending a roughly seven-month search for a new
chief executive.
Brasher will take charge of a retailer that has lost market
share to domestic rivals and is now facing further pressure from
Wal-Mart Stores Inc.
“It’s major coup for Pick n Pay, particularly as the
competitive environment heats up,” said Natalie Berg, an analyst
at London-based consultancy Planet Retail.
“It’s clear that his expertise in going up against Wal-Mart
in the UK, which is the most competitive market in the world,
was the most obvious attraction to Pick n Pay.”
Continued…
