Johannesburg - Pick n
Pay Stores [JSE:PIK] announced on Wednesday that after an extensive international search, it has
appointed Richard Brasher, the former Tesco board member, as Pick n CEO
effective from February 2013.
Brasher, 51, was a leading member of the top team and main
board of Tesco, who transformed the company into a global retailer and took
Tesco to clear market leadership in the UK with a market share in excess of
Pick n Pay chairperson Gareth Ackerman said the company was
"extremely fortunate" to have secured Brasher, who has had a 25-year
career, during which time Tesco has expanded both domestically and
internationally and become a benchmark on many aspects of retailing.
Tesco UK is a £47bn business generating a trading profit of
£2.5bn, is the largest private employer in the UK and runs over 2 800 stores.
Prior to becoming CEO of Tesco UK, Brasher was the group
commercial director where, among other achievements, he created Tesco's
International sourcing operation around the world and was responsible for the
company's entire supply base. He transformed Tesco's non-food operation and was
instrumental in the development of Tesco's own-brand strategy from “Every day
value” to “Finest”.
Brasher also created the modern convenience food category in
the 1990s and developed “Clubcard” to be the benchmark supermarket loyalty
programme. He was also one of the key
architects of Tesco's format strategy, from Extras to online.
Ackerman said that Brasher's experience would stand him in
good stead across all major areas of the Pick n Pay business, including Pick n
Pay’s smart shopper loyalty programme, now with 5.7 million members, its
private label business and its online shopping facility.
Having produced a blueprint for the future strategy for the
UK business, Brasher decided to step down from the board of Tesco earlier this
Said Brasher: "Pick n Pay is a dynamic, innovative
business with a proud and impressive history. I'm both excited and honoured to
be joining the company at an important time in its development and believe
there is a lot I can offer with my experience in the retail market".
Said Ackerman: "Richard has a singularly impressive
track record. We are delighted he has agreed to join us as Pick n Pay’s new
CEO. The executive search was exhaustive, and given his background, experience,
expertise and array of innovative achievements, he was the natural
Pick n Pay shares rose 4.42% to R46.29 in Wednesday morning
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