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New CEO for Pick n Pay

Oct 03 2012 09:43 Fin24

New Pick n Pay CEO Richard Brasher.

Company Data

PICK N PAY STORES LIMITED [JSE:PIK]

Last traded 51.40
Change 0.36
% Change 0.01
Cumulative volume 1110555
Market cap 25.05bn

Last Updated: 22/10/2014 at 04:23. Prices are delayed by 15 minutes. Source: McGregor BFA

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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 30%.

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 year.

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 choice".

Pick n Pay shares rose 4.42% to R46.29 in Wednesday morning trade.


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