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JOHANNESBURG — The chief executive officer of South African retailer Massmart Holdings Ltd. will resign on June 1. Grant Pattison joined the company seven years ago and oversaw the sale of a majority stake in the company to Walmart.
The chief executive officer of South African retailer Massmart Holdings Ltd. will resign on June 1. Grant Pattison joined the company seven years ago and oversaw the sale of a majority stake in the company to Walmart.
Pattison will stay on as a non-executive director until the end of 2014. Guy Hayward, Massmart’s chief operating officer, will succeed him. Hayward came to the company in 2000 after stints at South African companies Malbak Ltd. and CNA Gallo Ltd.
Walmart took a 53% stake in Massmart in 2011 to gain a foothold in the fast-growing African market. Massmart operates more than 375 stores in 12 sub-Saharan Africa countries.
Despite an economy hobbled by inflation and high unemployment, Massmart managed to increase its sales by nearly 10% in fiscal 2013.
