PnP appoints new CFO-designate
May 14 2010
Retail Wrap >>

Supermarket chain Pick n Pay said on Wednesday that Chief Finance Controller Bakar Jakoet had been appointed CFO-designate to take over from Dennis Cope when he retires at the end of April 2011, at which time Bakar will be appointed to the board of Pick n Pay Stores Limited.

CEO Nick Badminton said that this promotion had been "extremely well earned" and that Bakar 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."

Bakar 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. Bakar is currently the chief finance controller on the retail management board, a position he has held for almost 15 years. Bakar 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, Bakar will spend time with Dennis 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.

At the same time, the company also announced that current company secretary Gary Lea has been appointed retail finance director on the Pick n Pay retail management board. Gary 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, where he developed a good insight into the company.

Gary was appointed a divisional director in 2001 and company secretary in 2002. In addition to the responsibilities of company secretary, Gary has a wide portfolio of finance responsibilities in the corporate finance division, working with Dennis Cope.

Adapted from Source: www.fastmoving.co.za, 19 May 2010