September 21, 2018 / 7:43 AM / 2 months ago

South Africa's Clicks CEO to retire, names insider as successor

JOHANNESBURG, Sept 21 (Reuters) - South Africa health and beauty retailer Clicks Group said on Friday its Chief Executive Officer David Kneale was retiring and will be succeeded by insider Vikesh Ramsunder.

Kneale, 63, will remain in his current role until Jan.1 and thereafter take up the role of group strategic advisor until 31 August 2019, Clicks said in a statement.

“David ... is an exceptional leader who has spearheaded the strong growth in the company’s core markets. Under his leadership the group has delivered superior returns to shareholders and seen the market capitalisation grow to 50 billion rand ($3.5 billion),” Clicks Chairman David Nurek said.

Ramsunder, current Chief Operating Officer, has been with the group since 1993 and has held numerous roles across multiple disciplines and business units.

The succession comes as the retailer has forecast earnings growth of between 12 and 17 percent in the full-year to August.

Clicks is investing 700 million rand into new stores, infrastructure and information technology this year, Kneale said in April.

$1 = 14.3179 rand Reporting by Nqobile Dludla Editing by Ed Stoddard

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