DURBAN – Massmart fell 3 percent yesterday after the retailer announced that its chief executive Guy Hayward would step down before the end of the year, ending a career that spanned nearly 20 years with the group.
The group said the exact timing of Hayward’s exit was still to be confirmed as he and the board wanted to ensure a seamless transition.
It said it had an experienced executive management team that would continue to focus on the improvement of its high-volume, low-expense business model that saves its customers money so that they can live better.
“The process to appoint Hayward’s successor is under way and the board will make further announcements in due course,” the group said yesterday.
Massmart owns brands such as Game, Makro, Builders Warehouse and CBW and is majority owned by US retail giant Walmart.