1 Min Read
JOHANNESBURG, May 25 (Reuters) - South African retailer Edcon has chosen former Massmart boss Grant Pattison to take over as chief executive next year, the company said on Thursday.
Edcon, bought out by Bain Capital in a highly leveraged deal a decade ago, has struggled as growth in South Africa has floundered, forcing it into a debt-for-equity swap last year.
Chief executive Bernie Brookes, who oversaw the debt-for-equity swap, will extend his two-year contract, which would have expired in September, to January 2018, the company said in a statement.
Pattison, chief executive of Massmart from 2007-2014, will be appointed chief operating officer and chief executive designate on June 5. He will take over as chief executive at the end of January, Edcon said.
The retailer, in a separate statement, reported a sales decrease of 6.7 percent to 25.3 billion rand ($1.96 billion) for the financial year to end-March. ($1 = 12.9057 rand) (Reporting by TJ Strydom. Editing by Jane Merriman)