Massmart company secretary Joe Ralebepa resigns

Game is a subsidiary of Massmart. Picture: FINANCIAL MAIL

The owner of brands such as Game, Makro and Builders Warehouse has been buffeted by tough trading conditions in the past year, which have hurt its bottom line. The extent of the damage was revealed in its latest interim results, announced last week, where it reported a R832.4m loss for the six months ended June.

Massmart’s US-based parent, Walmart, has parachuted in Mitchell Slape to turn the company around. Its share price has fallen 57.23% since the start of 2019. Ralebepa’s exit follows those of a number of other executives including former CEO Guy Hayward, who headed the company for five years, and former CFO Johannes van Lierop, who was replaced by Mohammed Abdool-Samad at the start of August.

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