South African grocery retailer Pick n Pay's shares tumbled almost 15% on Monday after its CEO stepped down and the company said it would post an interim loss.
Customers push trolleys as they shop at a Pick n Pay store at the Trade Route Mall, in Lenasia outside Johannesburg, South Africa, February 8, 2023. REUTERS/Siphiwe Sibeko/File Photo
The exit of its CEO Pieter Boone comes as the retailer has been struggling to retain market share that it lost to bigger rival and the country's biggest retailer Shoprite"Unfortunately, in a very difficult environment, the performance of our core Pick n Pay business... has not met expectations," chairman Gareth Ackerman said in the statement.
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