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Johannesburg - South African retailer Edcon, which delisted from the JSE in 2007, announced on Friday that chief executive Stephen M Ross would retire in May 2012.
The owner of Edgars, Jet and CNA, among others, said that Jürgen Schreiber had been appointed to take the reins as chief executive, effective from April 1.
"In conjunction with his planned retirement, Mr Ross will remain on the group's board of directors until May 2012 to ensure effective succession and handover to Mr Schreiber," the company said.
Schreiber was until recently the president and chief executive of Canadian health and beauty retailer Shoppers Drug Mart Corporation.
"During Steve's tenure, he and the team quadrupled annual sales to more than R22bn, added more than 500 stores to build today's 1 220-strong chain, and completed acquisitions of well-known South African retailers including CNA and Boardmans," said Dwight Poler, the nonexecutive chairperson of Edcon.
He added that Jurgen's appointment was an endorsement of SA's economic prospects and ability to attract top talent.
The owner of Edgars, Jet and CNA, among others, said that Jürgen Schreiber had been appointed to take the reins as chief executive, effective from April 1.
"In conjunction with his planned retirement, Mr Ross will remain on the group's board of directors until May 2012 to ensure effective succession and handover to Mr Schreiber," the company said.
Schreiber was until recently the president and chief executive of Canadian health and beauty retailer Shoppers Drug Mart Corporation.
"During Steve's tenure, he and the team quadrupled annual sales to more than R22bn, added more than 500 stores to build today's 1 220-strong chain, and completed acquisitions of well-known South African retailers including CNA and Boardmans," said Dwight Poler, the nonexecutive chairperson of Edcon.
He added that Jurgen's appointment was an endorsement of SA's economic prospects and ability to attract top talent.
