South African retail group The Foschini Group (TFG), the owner of the Phase Eight and Whistles brands, says its CEO, Doug Murray, is to retire later this year.
Murray will retire on 3 September at the company’s annual general meeting, after which he will become a non-executive director.
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As a result, Anthony Thunström, currently serving as chief financial officer (CFO) of TFG, has assumed the role of CEO designate to ensure a smooth handover, before becoming CEO upon Murray’s retirement.
“Retention and succession has always been a focus at TFG and strong succession planning has resulted in my successor being selected from within the group,” says Murray. “I will continue to work with Anthony for the next six months and will be available as a sounding board thereafter.
“I’m confident that the strong executive leadership team I’m leaving in place will continue to optimise ongoing value for shareholders while creating an environment beneficial for all stakeholders and assist in achieving the company’s current and future business objectives.”
TFG entered into an agreement to acquire British women’s wear retailer Hobbs for an undisclosed sum in November of last year.
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By GlobalDataSouth Africa’s Foschini Group to acquire Hobbs
