Woolworths chairman, Simon Susman will hand over leadership in 12 months, effectively ending a 36-year tenure at the retailer, which in recent times has been wobbled by its disastrous expansion into Australia. Woolworths’s share price declined by as much as 4.4% to an intraday low of R53.16, before closing 3.5% weaker at R53.68, pushing its drop so far in 2018 to 18%. Woolworths said on Monday that Susman and the company’s lead independent director, Tom Boardman, would step down after the 2019 AGM. The retailer appointed Hubert Brody, a former CEO of Imperial Holdings and Sanlam’s Personal Finance as deputy chairman, in anticipation that he will take over. Brody has served on the board since 2014. Boardman will be replaced by independent nonexecutive director Zarina Bassa. Patrice Rassou, head of equities at Sanlam Investment Management said Woolworths’s board has appointed “very capable” individuals . He doesn’t anticipate a change in strategy. While Susman will officially step dow...

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