BUSINESS MAVERICK: Pick n Pay’s Richard Brasher is getting the job done

When Richard Brasher’s contract expires in 2021 as Pick n Pay’s CEO, it’s unlikely that the retailer’s controlling shareholder and founder, the Ackerman family, will let him go.

The 56-year-old stepped into a retailer that had initiated many failed turnaround plans dating back to Nelson Mandela’s presidency. Pick n Pay went through a sustained period of underinvestment in its stores, IT and supply chain systems — making it easy for its retail rivals to snatch its market share. And Pick n Pay’s core middle-to-high income customers were neglected, to its detriment.

The big question is whether Pick n Pay is starting to recover its market share from competitors including Shoprite, the market darling that could do no wrong for many years. Market watchers are divided. The retailer will spend another R2-billion in the financial year ahead, and part of the spend will go towards opening more than 100 stores . It will open a store in Nigeria in 2019 and two more in the future.

Asked if he will stay at Pick n Pay for the next 10 years to deliver this target, Brasher deflects, saying:When he was named as the CEO, I said on paper, he is the right man for the job because he went through all of the steps that needed to be taken to turn Pick n Pay around. He was instrumental in taking Tesco from being a number three retailer in the UK to one of the top retailers in the world.

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Pick n Pay says profits rose by a fifth thanks to SA business and better pricesSupermarket chain store lifts annual dividend 22.4% as turnover in SA rises 7.4% but earnings from the rest of Africa fall 16.2%
Källa: BDliveSA - 🏆 12. / 63 Läs mer »

Pick n Pay says profits rose 20% thanks to SA business and better pricesThe group says the performance of the SA business ‘mitigated some operating challenges experienced outside its borders’
Källa: BDliveSA - 🏆 12. / 63 Läs mer »

Pick n Pay posts 18% jump in full-year earningsOther retailers have struggled amid a slump in retail sales as South African consumers cut back to cope with high household debts. Yes because they are ripping people off. Price increases ridiculous.
Källa: ewnupdates - 🏆 30. / 53 Läs mer »

Pick n Pay earnings up 26.1%, CFO to retireThe group has apparently maintained its focus on the objectives set out in its long-term plan of building a leaner and more cost-effective business.
Källa: TheCitizen_News - 🏆 6. / 75 Läs mer »