Bakar Jakoet to retire as Pick n Pay CFO

He will serve in a non-executive capacity on Pick n Pay's board.

South Africa-based retailer Pick n Pay announced on Friday that its finance chief, Bakar Jakoet (pictured), is set to retire.

Bakar has been Pick n Pay’s finance chief since 2011 but he has been with the group for 34 years.

Bakar, 62, will remain in the position until a successor is appointed, Pick n Pay said. Thereafter, he will serve in a non-executive capacity on Pick n Pay’s board.

Pick n Pay said it was finalising the appointment of a successor and shareholders will be updated in due course.

The retailer’s chair, Gareth Ackerman, said Bakar’s contribution to the company over 34 years has been immense. 

“He has been a colleague and a leader within the company for over two-thirds of Pick n Pay’s history. His rise within the company in the earlier part of his career bore testimony to his immense ability and determination – as well as showing that my father always ran the business with the right values so that individuals with talent could grow and succeed whatever their background,” Gareth said.

“Bakar’s tenure as CFO has been invaluable over an extremely important period in our history.   We have benefited immeasurably from the leadership and continuity he has provided.  He is a leader outside the business too – and a great role model for the new South Africa.”

Gareth said although Bakar reached the technical retirement age a few years ago, Pick n Pay persuaded him to stay on for a while.