Edcon announces new chief executive

South African retailer Edcon, which delisted from the JSE in 2007, announced on Friday, 28 January 2011 that chief executive Stephen M Ross would retire in May 2012.

The owner of Edgars, Jet and CNA, among others, said that Jürgen Schreiber had been appointed to take the reins as chief executive, effective from 1 April.

"In conjunction with his planned retirement, Mr Ross will remain on the group's board of directors until May 2012 to ensure effective succession and handover to Mr Schreiber," the company said.

Schreiber was until recently the president and chief executive of Canadian health and beauty retailer Shoppers Drug Mart Corporation.

"During Steve's tenure, he and the team quadrupled annual sales to more than 22 billion rand, added more than 500 stores to build today's 1220-strong chain, and completed acquisitions of well-known South African retailers including CNA and Boardmans," said Dwight Poler, the nonexecutive chairman of Edcon.

He added that Schreiber's appointment was an endorsement of SA's economic prospects and ability to attract top talent.