South Africa - Johannesburg - 28 February 2019 - Massmart CEO Guy Hayward presenting the company annual financial results at Summer place Sandton North of Johannesburg. Picture: Simphiwe Mbokazi/African News Agency(ANA).

JOHANNESBURG  - Retail group Massmart said on Monday chief executive officer Guy Hayward would step down before yearend.

"After almost 20 years in the business, the past five of which have been as chief executive officer, Guy Hayward has informed the board of his decision to step down from his role before the end of 2019," it said in a statement.

The exact timing of Hayward's exit was still to be confirmed as he and the board embarked on the process of ensuring a seamless transition, Massmart said. The process to appoint his successor was underway and the board would make further announcements in due course.

It said Hayward had guided the company, which owns local brands such as Game, Makro, Builders Warehouse and CBW, through "exceedingly challenging market conditions" and had worked to position the business for future growth. 

"Under his leadership we have seen the introduction of Value Added Services, the development of a shared group logistics service, and the implementation of competitive online offerings in Makro, Game and Builders Warehouse," said the company.

"Massmart has an experienced executive management team, who along with Guy’s successor will continue to focus on the improvement of Massmart’s high-volume, low-expense business model that saves our customers money so that they can live better."

- African News Agency (ANA)