Surprise as Pick n Pay CEO quits

Johannesburg - Retailer Pick n Pay Stores [JSE:PIK] announced on Wednesday that CEO Nick Badminton would resign from its board effective the end of the financial year but would be available to assist the company and its chairman in the transition period.

Chairperson Gareth Ackerman will become executive chair responsible for company strategy while a replacement is found.

Deputy CEO Richard van Rensburg will assume day-to-day operational responsibility.

The search will include internal candidates and external candidates, both local and international, the retailer said.

"When I came in as CEO, we became singularly focused on the transformation of Pick n Pay - this transformation was centred on winning with our customers. It included improving our product offer and our stores, which necessitated large investments in our operations, particularly the implementation of SAP and centralised distribution. We also converted Score to Pick n Pay. The most important and significant changes necessary to transform Pick n Pay have now either been made, or are well advanced in their implementation," said Badminton.

"I feel that I've now completed what I set out to do and looking ahead, it's an appropriate time for the board to select a new CEO, and with the executive team, to continue rolling out and embedding the changes the business needs to make," Badminton added.

"Nick had an incredibly tough job to do. It's difficult enough transforming a company of our size and scale to the degree required, but to run the business at the same time and right in the middle of what has been the most serious recession in decades - and with an international competitor coming in - was particularly tough.

"With his team, he has executed the turnaround extremely well, and during his tenure, there have been a number of particularly notable achievements and milestones which he led," said Gareth Ackerman.