Massmart CEO, Grant Pattison, to step down
Issued by Brunswick South Africa on behalf of Massmart-Walmart - Apr 11th 2014, 09:58
Johannesburg – Massmart today announced Grant Pattison’s decision to step down as CEO, effective 1 June 2014. Guy Hayward, currently Chief Operating Officer, has been named as his successor. The appointment is in line with the Group’s succession plan, enabling a smooth leadership transition.
Massmart CEO Grant Pattison to step down after seven years. Chief Operating Officer Guy Hayward to take the reins
Pattison joined Massmart in 1998 and was appointed CEO in 2007. He led the Group through a significant period, culminating in the sale of a majority stake to Wal-Mart Stores, Inc., the world’s largest retailer.
Massmart Deputy Chairman Chris Seabrooke, commenting on behalf of the Board said: “We are saddened by Grant’s decision. A strong and visionary leader, he successfully steered the group through a protracted transaction and the subsequent integration with Walmart while delivering significant value to shareholders.”
Commenting on his decision, Pattison said: “I have been CEO for seven years, the last three of which were undoubtedly the most rewarding and challenging of my career. Leading the sale of a 53% equity stake of Massmart to Walmart was a unique privilege and the integration process that followed was a satisfying, albeit demanding, experience.”
“I have led a remarkable team and I am immensely proud of what we have accomplished during my tenure. The group is in good shape and well positioned for growth and I can think of no better time to hand over the reins. My successor is someone with whom I have worked closely and who has the skill and energy to take Massmart forward. I would like to congratulate Guy on his appointment and wish him well in his new role.”
Guy Hayward (48), who takes over on 1 June 2014, has a wealth of retail and financial experience. He held senior financial roles at Malbak and CNA Gallo in South Africa and at Goldman Sachs in London before joining Massmart as Group Financial Executive in 2000.
He was appointed Chief Financial Officer in 2001 and in May 2012 he was appointed Chief Operating Officer, a newly created position, with responsibility for Massmart’s four operating divisions. He has been an integral part of Massmart’s success and also played a leading role in the Massmart-Walmart transaction and the subsequent integration.
During Grant Pattison’s tenure as CEO, Massmart re-invigorated its private label offering, invested in upgrading Massmart’s supply chain infrastructure, entered into Food Retail through Cambridge Food, Game, Makro and Saverite, expanded aggressively across the African continent, initiated new format innovations including DionWired, Builders Superstore and Valumart whilst also establishing e-commerce solutions at DionWired, Shield and Makro.
Seabrooke concluded: “Grant leaves a sound business with a clear strategy for growth and a strong, experienced management team that will take Massmart to the next level under the capable leadership of Guy Hayward.”
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