Pick n Pay says finance executive Lerena Olivier will take over as CFO when Bakar Jakoet retires on September 6.

“Lerena has been a senior executive within Pick n Pay’s group finance division for the past eight years, where she has worked very closely with the current CFO,” the retailer said on Wednesday.

Jakoet, Pick n Pay’s finance chief since 2011, announced his retirement in April.

Pick n Pay said Olivier’s appointment followed “an extensive search” internally and elsewhere.

“She has a very strong background in finance, risk management, strategy, accounting and tax, and her expertise and experience equip her extremely well for her new role as group CFO.”

After he retires from his executive position, Jakoet will remain on the board in a nonexecutive capacity.

In April, Pick n Pay said net profit rose by about a fifth in the financial year to March 3, even as its operations outside SA stumbled.

The group said its stores targeting SA’s lower-to-middle-income consumers performed well, while sales were also boosted by “a more competitive price position” and a better fresh-produce offering.

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