Walmart-owned retailer Massmart, whose brands include Makro and Game, said on Monday its CEO of five years, Guy Hayward, would step down from his role before the end of 2019.
Last week, the group said Mohammed Abdool-Samad would take over as its chief financial officer from August 1, replacing Johannes van Lierop. Abdool-Samad is currently Illovo Sugar’s finance chief.
“The exact timing of Guy’s exit is still to be confirmed as he and the board embark on the process of ensuring a seamless transition,” Massmart said.
The retailer, which listed on the JSE in 2000 and closed a deal with Walmart in 2011, said it had started a process to find Hayward’s successor.
“Guy has guided Massmart through exceedingly challenging market conditions and has worked to position the business for future growth,” it said.
Under his leadership, the group had introduced value-added services, while it also developed a shared group logistics service, and implemented “competitive online offerings in Makro, Game and Builders Warehouse”.
Massmart’s shares were 0.8% down at R93.47 on Monday morning.
The stock is unchanged relative to its value in early 2010.