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South Africa's Pick n Pay appoints insider Olivier as new CFO

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07/31/2019 | 05:51am EST
Workers repair a logo of South African retailer Pick n Pay in Johannesburg

LONDON (Reuters) - South African supermarket chain Pick n Pay Stores Ltd has appointed senior executive Lerena Olivier as chief finance officer with effect from Sept. 6, it said on Wednesday.

The country's third largest grocery store chain by market capitalization announced in April that CFO Aboubakar Jakoet would retire after 34 years with the group once a successor had been appointed.

Lerena, with 18 years of experience with JSE-listed companies in the retail sector, has been a senior executive within Pick n Pay's finance division for the past eight years, where she has worked closely with Jakoet.

Jakoet will continue to serve in a non-executive capacity on the Pick n Pay board, the retailer, which pitches itself as a more affordable alternative to the likes of Woolworths and Shoprite's Checkers, said.

(Reporting by Nqobile Dludla; Editing by Jan Harvey)

Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX -2.54% 493.38 Delayed Quote.-5.36%
DOW JONES SOUTH AFRICA(ZAR) -3.34% 1681.7 Delayed Quote.-3.57%
S&P AFRICA 40 INDEX -4.11% 151.23 Delayed Quote.-7.77%
WOOLWORTHS GROUP LIMITED -1.25% 40.22 End-of-day quote.15.74%
WOOLWORTHS HOLDINGS LIMITED 5.12% 39.66 End-of-day quote.5.62%
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