• Pick n Pay in South Africa announced that its CEO, Nick Badminton, is stepping down from the job after a five-year tenure, “to spend some quality time with my family and my bicycle.” Badminton is 50.
Pick n Pay, which is owned by the Ackerman family, has been under pressure of late because of Walmart’s acquisition last year of 51 percent of Massmart, a South African retailer that it hopes to use as a springboard to other parts of Africa.
Reuters reports that “Pick n Pay chairman Gareth Ackerman would take the role of executive chairman responsible for strategy, while deputy CEO Richard van Rensburg would be responsible for operations until the new CEO is found.”
Pick n Pay, which is owned by the Ackerman family, has been under pressure of late because of Walmart’s acquisition last year of 51 percent of Massmart, a South African retailer that it hopes to use as a springboard to other parts of Africa.
Reuters reports that “Pick n Pay chairman Gareth Ackerman would take the role of executive chairman responsible for strategy, while deputy CEO Richard van Rensburg would be responsible for operations until the new CEO is found.”
- KC's View:
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Once again, I can only say that I hope Badminton’s family (and bicycle) are as happy about spending more quality time with him as he is about spending time with them.
