Advertise with fastmoving.co.za
 
 

Mohammed Abdool-Samad will take over as its chief financial officer from August 1.
Mohammed Abdool-Samad will take over as its chief financial officer from August 1.

Massmart appoints new finance chief

RETAILER NEWS

By Nick Hedley - Apr 30th, 12:54

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.Business Live 

Read more about: retailer | retail | massmart | makro | game | abdool-samad

Related News

Contraction in economy looms in the first quarter
17/05/2019 - 09:16
Weak performances in the retail, mining and manufacturing sectors, which bore the brunt of the most severe power cuts the country has experienced yet, indicates that the economy contracted in the first quarter of the year.

Richemont lifts dividend 5% as online platforms boost sales
17/05/2019 - 08:52
Richemont chair John Rupert says group sales rose 27%, 'reflecting growth across all business areas and distribution channels.'

Taking stock of fashion's $210bn inventory problem
16/05/2019 - 11:08
Fashion retailers are faced with a dilemma: to keep up with the demands of 'fast fashion' they need rapid stock turnover. But what do they do with the surplus?

Retail sector barely budged in March
16/05/2019 - 09:54
Consumers were under pressure in March with a 74c/l hike in the petrol price and slightly higher inflation.

Dischem's employee strike costs it more than 75m
16/05/2019 - 08:31
Dis-Chem Pharmacies says a strike by employees that lasted nearly five months shaved up to R76.4m off its profits in the year to end-February.