Whitey Basson leaves behind ‘excellent’ team
The Shoprite icon delivers the last results under his watch, with numbers blowing past expectations and operations thriving in the rest of Africa
Whitey Basson’s parting gift to Shoprite shareholders, an outstanding set of interim results, saw the share price surge 5% to a high of R197.40 in early trading on Tuesday. The share eased back later to end the day 3.52% higher at R194.62, more than recovering the ground lost in the wake of the announcement about a possible merger with global furniture group Steinhoff. Retail analyst Syd Vianello said the more useful gift from Basson was the excellent young team he had built around him. "This is a great, young, committed team and I’m sure shareholders will feel comforted that management of the group remains in good hands." Basson has driven Shoprite’s spectacular growth since he joined in 1979. He retired as CEO at the end of December but will have a nonexecutive role as vice-chairman. The strong performance in the six months to end December might have made a deal with Steinhoff almost impossible without offering a hefty premium for Shoprite, which was reportedly not on the cards. A...
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