South African grocery chain Shoprite Holdings on Thursday (01/10/2020) appointed Absa Group chairwoman Wendy Lucas-Bull as the retailer's chair designate, replacing long time chairman Christo Wiese.

Wiese, who has been at the helm for nearly three decades, will remain on the board as a non-executive director after he retires as chairman at the company's annual general meeting (AGM) on November 16, Shoprite said. Lucas-Bull will be appointed after the AGM.

Last November Shoprite said the board was of the view that "in line with good corporate governance", the next group chairperson should be independent, a view supported by Wiese, who is also the second largest shareholder at Shoprite.

Lucas-Bull has extensive banking and widespread sector experience as well as expertise as a chairperson and non-executive director on numerous company boards across multiple industries in both the private and public sector.

"There is no doubt her expertise, experience and leadership will be of considerable benefit to both the board and the Shoprite Group," Wiese said.

REUTERS