Mr Price CEO to retire
By Robert Laing - Oct 18th 2018, 08:41
Mr Price CEO Stuart Bird will be succeeded by CFO Mark Blair on January 1, the retailer announced.
Bird was promoted from MD of Mr Price’s apparel division to succeed Alastair McArthur as the group’s CEO in 2010.
“Stuart’s 25-year career with Mr Price, and particularly the past decade under his leadership as CEO, has seen the group grow into one of the top-performing retailers in Southern Africa, with a market capitalisation of over R60bn,” chair Nigel Payne said in the statement.
“Over the eight years of Stuart’s leadership earnings have grown at a compound rate of 18.8%. Stuart’s success has been as a consequence of focusing on our customers and ensuring we provide the products that appeal to them. He has also taken key steps to create the infrastructure and capabilities upon which our future success will be built.”
He will be retiring as CEO on December 31 and as an executive director in March shortly before turning 60 “as has been anticipated by the group’s board of directors”, the statement said.
Blair has been Mr Price’s CFO since 2007.
“Mark is well placed to lead the next phase of the Mr Price group’s growth and geographic expansion. He is deeply committed to our culture and values, and enjoys the support of a strong leadership team," Payne said.Business Live
Woolworths bedeviled by declining sales
18/01/2019 - 10:35
As Woolworths tries to recover from the impairments of A$712.5 million (R7.02 billion) it suffered last year in its Australian subsidiary David Jones, the retailer continued to experience declining sales in the 26 weeks to end December trading period in South Africa.
TFG bucks retail trend over festive season
18/01/2019 - 08:00
Apparel group TFG, which operates the Foschini, American Swiss and Markham chains, has bucked the retail trend and produced solid growth numbers for the festive season.
Edcon gets some breathing space
17/01/2019 - 10:34
Edcon is at a turning point yet again. The retailer — which operates the Edgars, Jet and CNA chain stores — has just wrapped up a deal with 250 stakeholders, including its shareholders and landlords, in a bid to keep its doors open.
M&S confirms more store closures
17/01/2019 - 08:41
Marks & Spencer confirmed the location of the next batch of stores it plans to close as part of its restructuring plans.
Black Friday boosts November’s retail sales
16/01/2019 - 14:12
Consumers came under pressure in 2018, with the first VAT hike in two decades and steep fuel price increases.