Top-tier shake-up at Massmart

2014-04-13 15:00

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Retail and wholesale group Massmart is losing two of its top people. Grant Pattison, who has been the CEO of Massmart for about seven years, is stepping down on June 1.

He will be replaced by chief operating officer Guy Hayward.

Also stepping down as chair is Mark Lamberti, who will be replaced by Kuseni Dlamini, the former CEO of Old Mutual SA and Emerging Markets and a board member of several companies.

Together, Lamberti and Pattison oversaw the sale of 53% in Massmart to Walmart, the world’s largest retailer, in 2011. The deal shook up the retail sector in South Africa, particularly in food. It also had the unions, the government and competitors up in arms.

The expected upheaval of the food retail sector has not been as significant as expected.

Pattison has made a lot of money out of Massmart.

According to Massmart’s 2012 annual report, through an internal share scheme, Pattison holds 684?021 in shares and options.

Out of these, 42?202 shares and 158?603 options are held in the Pattison family trust.

The average strike price for the shares is R80.58.

When Pattison decides to cash in all his shares and options, he will be about R55?million richer.

In addition, the Pattison family trust directly owns 218?055 Massmart shares. This would mean an additional R29?million if the average share price of R135 is used.

Lamberti no longer has any shares, directly or indirectly, in Massmart.

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