Steinhoff merger one step closer with exit of Basson
The retirement of Shoprite CEO Whitey Basson meant a merger between Shoprite and Steinhoff was one step closer, analysts said on Monday, following news of his imminent departure. After Monday’s annual general meeting Basson stressed his decision to retire had nothing to do with speculation about a merger between Shoprite and furniture and clothing retailer Steinhoff, which he is thought to oppose. "The stress of running a big business is massive, I’m constantly fighting on several fronts," said the man who joined a small local retail company 37 years ago and drove it to become Africa’s largest food retailer. "There’s so much red tape and all sorts of stuff that takes up so much time, I’m tired of it all now, you need to be young," said Basson, who described his successor, Peter Engelbrecht, as "a very good guy, very driven". Engelbrecht, currently chief operating officer, is set to take over the top job on January 1 2017. He was previously Basson’s personal assistant. "We’ve been pr...
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