Lerena Olivier puts a high price tag on personal wellbeing – and as the CFO’s role extends to more than just number-crunching, self-care becomes critical to the overall performance of a business. For Pick n Pay’s finance chief, sustaining motivation is essential to moving forward with purpose and people remain at the heart of her leadership philosophy.
Lerena Olivier has been the CFO of the Pick n Pay Group for six years, a period she described as both challenging and rewarding. Her time with Pick n Pay also includes14 years as the head of the financial reporting team of the Group. Her deep knowledge of the business is just about embedded in her DNA.
With more than 20 years of experience in the retail sector, including 10 years as Shoprite’s group financial accountant, she has witnessed how the finance role has changed at one of South Africa’s leading fast-moving consumer goods companies.
“We have navigated the Covid-19 pandemic, the July 2021 unrest, prolonged loadshedding, major strategic change and a complex two-step capital raise in 2024. These experiences brought transformation, tested our resilience and strengthened our ability to adapt.”
Lerena reflected that the pace of strategic change has been demanding and the finance function has played a central role in enabling and supporting the organisation through this transition.
One of the most significant milestones came in 2024 with the Group’s recapitalisation, which involved two major corporate actions within less than a year – a Pick n Pay rights offer and the successful JSE listing of Boxer, the Group’s soft-discount subsidiary that serves the value-end of the market. Lerena’s oversight as group CFO now extends across two JSE-listed entities.
More than just technical execution
“Managing the Group’s recapitalisation through two complex corporate actions in such a demanding timeframe was extremely challenging, but ultimately exceedingly rewarding. It gave us the opportunity to put the business back on an even keel from a financial perspective.”
For Lerena, however, success was about far more than technical execution. She said people and relationships were critical throughout the recapitalisation programme.
“It is about having the right individuals in the right positions, working with the right partners towards a shared goal and doing so under immense pressure. None of it would have been possible without the exceptional teams and partners around me. In the end, it is always the people who make the difference.”
Sustaining motivation has been essential, particularly during times of turbulence and Lerena believes the best approach is to keep moving forward with purpose, supported by a strong and committed team.
“Pick n Pay is a people business, an extraordinary organisation underpinned by family values. As a team, we are passionate about ensuring this business reclaims its rightful place in the South African retail landscape.”
Pick n Pay – including its franchise stores – and Boxer provide work for around 90,000 people. For Olivier, this represents both a significant responsibility and a powerful source of motivation, driving her and her team to ensure the Group remains a major employer and an important contributor to the South African economy.
The evolving role of the CFO
Since beginning her career in 1998 as an auditor with PwC, Lerena has witnessed the CFO role evolve significantly over the years, from being seen primarily as a financial manager to becoming a strategic partner to the CEO and the broader executive team.
Lerena highlights the critical risk management dimension of the role. “The CFO has to identify and manage enterprise-wide risks, protecting the business from potential threats, while also identifying opportunities and optimising returns. It is absolutely essential that the CFO has a clear understanding of what the business is required to deliver for shareholders and other stakeholders alike.”
The CFO role, for Lerena, goes beyond financial stewardship to embedding Pick n Pay’s values in everything the Group does. “Pick n Pay is a values-driven business, rooted in the communities we serve. The Pick n Pay Schools Club, established in 2003, is one of South Africa’s largest privately funded educational programmes, providing free curriculum-aligned materials to over 3,300 schools. It supports students and educators while promoting sustainable upliftment. Educating young people is a critical contribution to South Africa’s future.”
She also points to initiatives such as Feed the Nation, which supports feeding programmes and provides food donations to organisations like FoodForward SA. “For me and my team, these kinds of projects are part of our DNA – they are part of who we are.”
Lerena says Pick n Pay’s ethos of “doing good is good business” is central to its success. “When we do good for the communities we serve, our customers support us in return. Our customers are at the heart of everything we do and in a competitive market, our differentiator is that we genuinely care. Without them, there is no Pick n Pay.”
Leading by example
Her own success is inseparable from the success of her team and collaboration built on trust lies at the heart of how she leads.
“It is important for me to hear everyone’s input, but also to provide clear direction and make definitive decisions when required. In a fast-moving and highly entrepreneurial retail environment, decisive leadership is critical.”
She explained that operational teams in retail make daily strategic decisions – on pricing, promotions, product ranges and marketing – as they respond to customer needs and competitor activity. This pace never slows; the cycle runs seven days a week, 365 days a year.
“To support this fast-paced operating model, you need finance leaders who understand retail, who are clear and decisive, and who can act quickly to protect the business while enabling agility.”
Values of community and teamwork have always been central to her leadership, but they became even more pronounced during times of crisis.
Navigating turbulent times
“Shortly after my appointment, the Group underwent a CEO transition and then the Covid-19 pandemic struck. In July 2021, the civil unrest hit our business extremely hard. Our Boxer business, concentrated in KwaZulu-Natal, was particularly affected, along with two of our distribution centres. At the same time, loadshedding began to intensify, creating significant operational and cost pressures across the country – pressures that were felt by our customers and by the retail sector as a whole.”
She is candid about the difficulty of leading through such turbulence. “When you are dealing with crises such as Covid-19, civil unrest or loadshedding, there is no playbook. For me, it always comes back to people. Success in these moments depends on people stepping up and working together. And at the centre of it all is communication. You cannot underestimate how important it is to talk to people, to ensure that everyone is aligned and informed, especially when circumstances are changing so quickly. Communication is absolutely key.”
Lerena recalled how these challenges brought teams together in new ways. Functions that had not traditionally worked side-by-side found themselves collaborating closely.
“It was not a finance problem or a commercial problem, it was a business problem.”
Beyond her responsibilities as CFO, Lerena finds balance in her personal life, which she regards as essential for long-term effectiveness as a leader. “My family and friends are my anchor. No matter how demanding the role becomes, making time for them helps me to stay grounded.
For Lerena, personal wellbeing and professional performance are inseparable. “If you don’t look after yourself, you cannot look after your team or your organisation.”
