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PEP MD Retires, Successor Announced

31 August 2007
 

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After more than 25 years with the company, PEP MD George Steyn recently announced his retirement.  “When I took over as Managing Director in 2005, I said I would step down no later than 2011 because I believe I could achieve what I wanted within that time.  I’m pleased to be true to my word.”

PEP Operations and Sales Director, Leon Lourens, has been appointed as Steyn’s successor.

In reviewing PEP’s performance under Steyn’s direction, the word ‘effective’ is an understatement.  In the last five years PEP has not only enjoyed uninterrupted, double-digit turnover growth but has also trebled its operating profit. In addition, PEP has grown considerably as a company: currently it has more than 1 600 stores and over 16 000 employees. Under Steyn’s leadership, PEP has grown its market share by more than 4% per annum.  The company is now the biggest retailer of cellular products and the biggest single brand retailer in Africa, conducting over 240 million transactions and selling 600 million items every year.

During his career at PEP, Steyn worked in all areas of the business.  He joined the company in 1986 as a trainee and in 1991 he was made a director before becoming Sales Director in 1994, responsible for all stores.  In 1998, Steyn was Director of Buying and Logistics before being appointed Managing Director in 2005. He has also served on the PEPkor executive and contributed widely to the rest of the group.

“I would like to thank my team and the wonderful employees at PEP. I am immensely thankful for what we have achieved,” adds Steyn. “I’m equally proud of my successor Leon Lourens, who has worked alongside me for many years. I am confident that he has the vitality, commitment and ability to continue growing PEP – the company and the brand – into the future.”

Of his appointment, Leon Lourens says:  “I am very excited and consider this to be a massive honour and challenge. I have been part of the team that has developed PEP’s strategy over the past few years. Given our success, I am not looking to make any drastic changes at this stage other than to respond to what the market dictates.”

“I believe in business simplicity and that the strategy of the company must be patently clear and understandable.  Only then can execution be effective and efficient.”

Lourens, whose broad business philosophies match Steyn’s, believes that success only comes if you do more than is expected of you.  He also insists that a company can only grow if the people grow too.

About the PEP offering, Lourens is firm:  “We should improve the business for the benefit of our customers and this, in turn, should translate into the price, the shopping experience and the services that we provide.  We abide by our culture and our slogan of ‘best prices … and more’ as witnessed by our expanding suite of services and products - from cellular to virtual financial services – which often provide a lifeline to rural communities.”

Pieter Erasmus, Managing Director of PEP’s holding company, PEPkor, says: “George is a PEP man through and through.  He has dedicated his whole working life to PEP and we thank him for his excellent commitment and contribution.  Not only will his leadership and capabilities be missed but also his example of a balanced life with true family values and service to the community.   However, in Leon Lourens we have a great successor. He knows and understands the business well and has also been instrumental in helping PEP’s growth over the last few years.”