{"id":7768,"date":"2012-02-08T13:49:51","date_gmt":"2012-02-08T11:49:51","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/update-1-south-africas-pick-n-pay-ceo-to-resign\/"},"modified":"2012-02-08T13:49:51","modified_gmt":"2012-02-08T11:49:51","slug":"update-1-south-africas-pick-n-pay-ceo-to-resign","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-south-africas-pick-n-pay-ceo-to-resign\/","title":{"rendered":"UPDATE 1-South Africa&#8217;s Pick n Pay CEO to resign"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Badminton steps down to spend time with family<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Chairman to move to executive chairmanship rose<\/p>\n<p><span><\/span><\/p>\n<p>* Deputy CEO to be in charge of operations<\/p>\n<p> (Adds details, shares)<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, FEB 8 &#8211; South Africa&#8217;s Pick n Pay<br \/>\n said on Wednesday its chief executive would step down<br \/>\nat the end of this month, leaving the nation&#8217;s No.2 grocer as it<br \/>\nfaces increased competition from Wal-Mart.<\/p>\n<p><span><\/span><\/p>\n<p>Nick Badminton, who has been the CEO of the Cape Town-based<br \/>\ncompany for five years, said he was stepping down to spend time<br \/>\nwith his family.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;I think that it&#8217;s a good time for me to take a sabbatical<br \/>\nto spend some quality time with my family and my bicycle,&#8221; he<br \/>\nsaid in a statement.<\/p>\n<p><span><\/span><\/p>\n<p>While consumer spending in Africa&#8217;s top economy is gradually<br \/>\nimproving, Pick n Pay has yet to see major benefits as it has<br \/>\nspent a chunk of its cash building distribution centres to boost<br \/>\nmargins and win back market share.<\/p>\n<p><span><\/span><\/p>\n<p>The family-run company is also facing increased competition<br \/>\nfrom U.S. retailer Wal-Mart Stores Inc, which took 51 percent<br \/>\nstake in local discounter Massmart last year and has<br \/>\nset out an aggressive strategy to win business.<\/p>\n<p><span><\/span><\/p>\n<p>The company said Pick n Pay chairman Gareth Ackerman would<br \/>\ntake the role of executive chairman responsible for strategy,<br \/>\nwhile deputy CEO Richard van Rensburg would be responsible for<br \/>\noperations until the new CEO is found.<\/p>\n<p><span><\/span><\/p>\n<p>The company said it would consider both international and<br \/>\nlocal candidates for job.<\/p>\n<p><span><\/span><\/p>\n<p>Shares in Pick n Pay, which are valued at 21.8 billion rand,<br \/>\nfell 0.89 percent to 45.43 rand by 0935 GMT, lagging behind a<br \/>\n0.92 percent rise in the JSE Top-40 index \t<\/p>\n<p> (Reporting by Tiisetso Motsoeneng; editing by David Dolan)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>* 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 &#8211; South Africa&#8217;s Pick n Pay said on Wednesday its chief executive would step down at the end of this month, leaving the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-7768","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=7768"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7768\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}