21 June 2011
Following approval of Walmart’s acquisition of a controlling stake in Massmart, the South African retailer announced changes to its board on Monday.
“In line with what was announced in the circular to Massmart shareholders, the board will comprise nine directors, including four independent non-executive directors, three non-executive directors and two executive directors,” Massmart said in a statement.
Mark Lamberti (chairperson), Lulu Gwagwa, Phumzile Langeni and Chris Seabrooke will continue to serve on the Massmart board as independent, non-executive directors.
Grant Pattison will remain chief executive officer and Guy Hayward is still chief financial officer.
Walmart can nominate the chairman plus three non-executive directors to the board, and it has chosen Doug McMillon (president and CEO), Jeffery Davis (senior vice-president finance & treasury) and JP Suarez (senior vice-president international business development).
Dods Brand, Kuseni Dlamini, Jim Hodkinson, Nigel Mathews, Peter Maw and Dawn Mokhobo have resigned from the board.
“Changes to the composition of the board sub-committees will be finalised at the first meeting of the new board later this month,” Massmart said.
The new appointments are effective from Tuesday, 20 June.
Last month, South Africa’s Competition Tribunal approved, with conditions, the deal in which US giant retailer Walmart would acquire a 51% stake in Massmart for R16.5-billion.