Pick n Pay gets new CEO‚ shares jump over 4%
Retailer Pick n Pay (PIK) announced on Wednesday, 3 October 2012, it had appointed Richard Brasher‚ the former UK-based Tesco board member‚ as its new chief executive with effect from 1 February next year.
Pick n Pay chairman Gareth Ackerman said the company was "extremely fortunate" to have secured Brasher (51)‚ who has had a 25-year career during which time Tesco has expanded both domestically and internationally and become a benchmark on many aspects of retailing.
The news sent the group's share price to its highest level in more than eight months.
At 9.35am‚ the share price was up 3.93% to 46.07‚ outperforming the JSE all-share index which was down 0.24%.