Pieter Engelbrecht new Shoprite CEO

Pieter Engelbrecht (pictured), Shoprite chief operating officer, who has been with the Shoprite group for some 20 years, will take over from Whitey Basson as Shoprite CEO as of 1 January 2017.

Shoprite said in a statement:

"Basson's decision to retire will bring to a close a remarkable career of nearly 45 years, virtually all of which was spent with Shoprite, in which the business grew from a small eight-store chain with a value of R1m to a globally respected retailer with a market capitalisation of R114bn, and over 140,000 employees today."

Shoprite chairman Christo Wiese said Basson had spearheaded Shoprite's pioneering expansion into the rest of Africa after 1994: "He also successfully acquired and integrated Grand Bazaars, Checkers and OK Bazaars. He fully deserves his reputation as one of SA's 'retail giants'."

Basson will remain with Shoprite as nonexecutive vice-chairman.