Massmart, African retail and wholesale group which owns Makro, Game, and Builders, has announced that Jonathan Molapo will succeed Mitchell Slape as CEO from 1 January 2023.
Slape former Massmart CEO after taking up the role in 2019 is expected to step down on 31 December 2022.
Massmart chairman Kuseni Dlamini had a few things to say concerning the developments as he said “This is a wonderful moment for Massmart as we recognise top local talent to lead the company in its next phase of development”.
“Jonathan’s appointment has been part of a well-thought-out succession plan that started with his recruitment to the role of Massmart Chief Operating Officer in January 2022.”
He went further to state that the time allowed Molapo, the soon to be CEO to establish strong relatinoships with Walmart and his colleagues.
“I would like to thank Mitch on behalf of the Massmart Board for his immense commitment and contribution to Massmart under the most difficult of circumstances,” said Dlamini.
“The actions taken by the management team under his guidance have resulted in the successful delivery of more than 30 turnaround projects. Massmart is a better, more focused business thanks to the leadership provided by Mitch.”
Molapo has a BA in Economics from Laurentian University, Canada and has completed the International Executive Programme at the Insead Business School in France.
Molapo was initially at the Puma energy and Total SA group where he headed respective roles as chief operating officer and executive vice president for central and East Africa after which he joined Massmart from Astron Energy, where he was chief executive officer from June 2018 to December 2021.
During his time at Total, Molapo worked in Ghana and France before returning to Johannesburg to join Puma Energy.
“Having had the opportunity to get to know Jonathan since he joined the company, we look forward to working alongside him as CEO and building on our commitment to South African customers, associates and partners,” said Walmart International CEO Judith McKenna.
“We continue to see opportunity in Massmart and the impact the business can have, providing people across the region with greater access to goods and services they want.”
Walmart in addition to announcing the CEO succession plan also announced its intention of buying Massmart shares which it doesn’t own for R62 per share. The offer is said to exclude treasury shares.
“The past three years have been demanding, and the time is right to handover to a new leader, to guide the Group through the next phase of its evolution.”
“He and I have worked together closely for the past eight months and share views on the way forward,” Slape said while congratulating Molapo on his appointment