Massmart Confirms New CEO

South Africa's Massmart has confirmed that Mitchell Slape of Walmart will become its new CEO, following the resignation of current CEO, Guy Hayward, earlier this month.

Slape has worked for Walmart since 1995, most recently as Chief Operating Officer of Walmart Japan. Walmart has a majority shareholding in Massmart, which operates several wholesale and retail chains and one buying group, in 13 countries across sub-Saharan Africa.

Shares dropped to their lowest point in over 10 years on Thursday, when Massmart announced that earnings would be up to 50% less than last year and operating profit was likely to be flat.  Massmart's sales growth for the first 20 weeks of the 2019 financial year was 6.1%, reaching 33.5 billion rand, with like-for-like sales growth of 4.1%.

Source : Insight DIY Team and Massmart

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