Pick n Pay CEO Stands Down

The CEO of South African retailer Pick n Pay has announced that he is to stand down at the end of the company's current financial year, which runs to the end of February 2012. The move comes after a big drop in earnings for the six months to August 31 2011, which the firm attributed to investment in its supply chain and loyalty programme. These investments can be seen as a reaction to the market entry of Walmart, which purchased local retailer Massmart in May 2011. BMI has previously suggested that Pick n Pay was the firm most vulnerable to

To read the full article, please choose one of the following options: