Pick n Pay appoints new CFO-designate, Retail finance director

Bakar Jakoet

CEO Nick Badminton said Jakoet's promotion had been "extremely well earned" and that he was a very worthy successor: "This appointment is the culmination of a carefully compiled succession plan for Dennis which has been in place for many years."

Jakoet has been with the Group for 26 years, was appointed a divisional director in 1993 and has served on the Retail Management Board since its formation in 1995. He is currently the chief finance controller on the Retail Management Board, a position he has held for almost 15 years. He joined the Group in 1984 after qualifying as a chartered accountant and prior to his Retail Board appointment has worked in Hypermarkets and mainly in the Group's Corporate Finance division. He has been involved in various projects for the Group both locally and internationally.

For the year ahead, Jakoet will spend time with Cope understanding the details and demands of his new position but will also be attending various training and development programmes both locally and abroad to maximise his exposure to international best practice. Once he officially relieves Cope next year, Jakoet will be appointed to the Board of Pick n Pay Stores Limited.

New retail finance director

Gary Lea

Lea qualified as a chartered accountant in the UK, returning to South Africa in 1991. He joined the Pick n Pay Corporate Finance Division in 1996, after working for the Group's external auditors.

He was appointed a divisional director in 2001 and company secretary in 2002. In addition to these responsibilities, Lea has a wide portfolio of finance responsibilities in the Corporate Finance Division, working with Cope.