Shoprite’s Basson retires 0 IOLOne of the SA retail sector’s bastions, Whitey Basson, will be retiring at the end of December but will remain available to management.
In a statement issued on Monday, Shoprite said Basson’s retirement was announced at its annual general meeting.
Shoprite - home to brands such as Boxer and Checkers, says Pieter Engelbrecht (47), former COO, has been appointed as the incoming CEO as of 1 January. He has been with the company for 20 years and has “played a leading role in the company’s growth under Basson’s leadership”.
Basson’s decision to retire will bring to a close a career of nearly 45 years, virtually all of which was spent with Shoprite, in which the business grew from a small eight-store chain with a value of R1 million to a globally respected retailer with a market capitalisation of R114 billion, and over 140 000 employees today.
Christo Wiese, chairman of the Shoprite Holdings Board, says: “Whitey (Basson) has been a very strong and charismatic leader, who has managed the company through market transitions and challenging times, taking calculated risks to turn the supermarket group into the leading food retailer on the continent. He accelerated the growth of the business and inter alia spearheaded Shoprite’s pioneering expansion into the rest of Africa after 1994. He also successfully acquired and integrated Grand Bazaars, Checkers and OK Bazaars. He fully deserves his reputation as one of South Africa''s retail giants.”
Basson will remain on the Shoprite Holdings board as non-executive vice chairman to continue to share his knowledge and experience.
He says he looks forward to being a sounding board for Engelbrecht and his team as they take the company forward.