Massmart: Not quite game over, but close to set point
New CEO Mitch Slape parachuted in to take over as the retailer exhibited its first trading loss in 20 years
The recent presentation of Massmart’s interim results to end June 2019 was an awkward affair for a few reasons, not least being that they were truly awful, far worse than what the market was expecting.
“You can imagine how much I’ve been looking forward to making this presentation” said outgoing CEO Guy Hayward, with a heavy dose of sarcasm. In the audience was the new CEO, Mitch Slape, who has only been in SA a week.
Slape wore a suit and tie, while Hayward was in his usual dressed-down fashion. WalMart has sent Slape, a veteran of the organisation, to sort out Massmart. His style is likely to be as different to Hayward’s as the distinction between their dress sense...