Massmart CEO Grant Pattison resigns

Grant Pattison is stepping down as CEO of Massmart after seven years at the helm.

Pattison joined Massmart in 1998 and was appointed CEO in 2007. He led the Group through a significant period, culminating in the sale of a majority stake to Wal-Mart Stores, Inc., the world's largest retailer.

Massmart deputy chairman Chris Seabrooke, commenting on behalf of the Board said: "We are saddened by Grant's decision. A strong and visionary leader, he successfully steered the group through a protracted transaction and the subsequent integration with Walmart while delivering significant value to shareholders."

Commenting on his decision, Pattison said: "I have been CEO for seven years, the last three of which were undoubtedly the most rewarding and challenging of my career. Leading the sale of a 53% equity stake of Massmart to Walmart was a unique privilege and the integration process that followed was a satisfying, albeit demanding, experience.

"The group is in good shape and well positioned for growth and I can think of no better time to hand over the reins. My successor is someone with whom I have worked closely and who has the skill and energy to take Massmart forward."

During Pattison's tenure as CEO, Massmart re-invigorated its private label offering, invested in upgrading Massmart's supply chain infrastructure, entered into Food Retail through Cambridge Food, Game, Makro and Saverite, expanded aggressively across the African continent, initiated new format innovations including DionWired, Builders Superstore and Valumart whilst also establishing e-commerce solutions at DionWired, Shield and Makro.

Onward and Hayward

Grant Hayward, current Massmart COO, will take over from Pattison on 1 June 2014.

Guy Hayward (48), who takes over on 1 June 2014, has a wealth of retail and financial experience. He held senior financial roles at Malbak and CNA Gallo in South Africa and at Goldman Sachs in London before joining Massmart as group financial executive in 2000.

He was appointed chief financial officer in 2001 and in May 2012 he was appointed chief operating officer, a newly created position, with responsibility for Massmart's four operating divisions. He also played a leading role in the Massmart-Walmart transaction and the subsequent integration.