Walmart-owned Massmart, the retailer whose brands include Makro and Game, says Mohammed Abdool-Samad will take over as its chief financial officer from August 1.
Abdool-Samad, currently Illovo Sugar’s finance chief, will succeed Johannes van Lierop, who said in February he was not available to extend his tenure with Massmart for personal reasons.
From July, Van Lierop would remain at Massmart “until later in the year” in an advisory capacity to support Abdool-Samad through a handover period, Massmart said.
In 2018, Massmart’s revenue grew just 2.9% to R90.9bn and trading profit before interest and tax fell 16.8% to R2.5bn. Net earnings were down 35.4% to R868.7m.
The group has been struggling to grow volumes in the weak economy, while at the same time grappling with price deflation in some of the product lines.