The Pick n Pay turnaround continues but the market wants to see more earnings growth from the country's second-largest food retailer, which is highly dependent on sales growth. The turnaround started in earnest under Richard Brasher, who took over as CEO four years ago. He came from a successful career at Tesco in the UK. At the time, Pick n Pay was losing market share, lagging in centralised distribution, and failing to keep up with the store roll-outs of competitors. Brasher is 55 and, unlike most executives around town, isn't on a contract. He has an arrangement with the company that while he's "useful" and "enjoying himself", he'll stay. "There's a benefit in not having a contract in that we rely instead on trust," said Brasher this week, adding that an increase in profitability also tended to keep shareholders happier. "I've enjoyed working for a great brand and I'm proud of the results over the last four years. It's in better shape." Challenges included consistency in approach...
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