Christo Wiese, the man who helped grow Shoprite from a small supermarket chain with eight stores to the pan-African food retailer that it is today will retire as a chairman of the company next month.
Shoprite said Wiese will step down as chairperson of its board after the company's annual general meeting (AGM) scheduled for the 16th of November, but will remain on the board as a non-executive director.
Wiese has been Shoprite's chairperson since 1979 when his Pep Stores acquired the food retailer. His retirement was first announced in November last year after 61.2% of shareholders voted against his re-appointment as a chairman in the 2019 AGM.
Shoprite said the current chairperson of the Absa Group, Wendy Lucas-Bull, will be appointed as chair at the board meeting that will follow this year's AGM.
The group said Lucas-Bull's extensive banking and other sectors' experience as well as her expertise as a chairperson and non-executive director in other companies bode well for Shoprite.
Wiese said there was "no doubt her expertise, experience and leadership will be of considerable benefit to both the Board and the Shoprite Group.”