JOHANNESBURG, March 12 (Reuters) - The Foschini Group (TFG) said on Monday that CEO Doug Murray would retire on Sept. 3 and be replaced by the firm’s chief financial officer Anthony Thunström.
Murray, who took the helm in 2007, will become a non-executive director after his retirement, a TFG statement said.
“Over the past 11 years, Doug has continuously delivered returns to shareholders and responsibly grown TFG to what it is today. He has a people-orientated, results-driven approach which has made him an invaluable leader,” said chairman Michael Lewis.
Thunström, currently CFO of the Group, will become CEO designate to ensure a smooth handover and officially assume the position of CEO in September.
A process to recruit a CFO will commence with immediate effect, the firm said.
Reporting by Nqobile Dludla Editing by Mark Heinrich