October 18, 2018 / 6:02 AM / in 10 months

South African retailer Mr Price says CEO to retire by year-end

JOHANNESBURG, Oct 18 (Reuters) - South African retailer Mr Price Group said on Thursday Chief Executive Stuart Bird, who has been at the helm for more than eight years, will retire by year-end.

Bird, 59, will also retire as an executive director at the end of March 2019, the company said. Mark Blair, currently group chief financial officer, has been appointed the CEO, effective Jan. 1.

“Over the eight years of Stuart’s leadership, earnings have grown at a compound rate of 18.8 percent,” Chairman Nigel Payne said.

Blair joined Mr Price Group as an executive director in 2006, and has held the CFO office since 2007.

In the four months ended August 4, the provider of clothes, home decor and furniture recorded a 6.5 percent increase in retail sales to 6.9 billion rand ($483.86 million). ($1 = 14.2603 rand) (Reporting by Nqobile Dludla, Editing by Sherry Jacob-Phillips)

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