Massmart says its CEO Guy Hayward will step down before the end of the year. Hayward has been with the company for 20 years, including five as CEO. The group's board said the process of appointing a successor was underway.

"Guy has guided Massmart through exceedingly challenging market conditions and has worked to position the business for future growth. Under his leadership we have seen the introduction of Value Added Services, the development of a shared Group logistics service, and the implementation of competitive online offerings in Makro, Game and Builders Warehouse," the group said in in update to shareholders.

Massmart chairperson Kuseni Dlamini said Hayward had been a valued contributor to many of the company’s defining milestones. "We wish him well in all his future endeavours”.