Pick n Pay boss Sean Summers ditches turnaround plan
It's too complicated, says Summers of the retailer’s Ekuseni strategy as he unveils first interim loss
18 October 2023 - 07:59
UPDATED 18 October 2023 - 23:00
Pick n Pay’s shares dropped almost 15% during the day on Wednesday as the retailer detailed a “disappointing” interim loss — its first yet — which resulted in it taking the unusual step of not declaring a dividend.
New CEO Sean Summers wasted little time in jettisoning much of the Ekuseni turnaround strategy, which was announced with much fanfare by previous CEO Pieter Boone in May 2022...
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