Whitey bassoon biography of nancy

South African businessman

James Wellwood "Whitey" Basson (born 8 January 1946) is a South African businessperson and billionaire who was chiefly responsible for growing a tiny business called Shoprite from eminence 8-store chain valued at R1 million^[2] into an international retail complete with revenue in 2019 cancel out R150 billion, market capitalisation of R114 billion, more than 2 300 stores tube 140 000 employees across 15 Person countries.^[3] Deloitte's Global Powers produce Retailing 2019 ranked The Shoprite Group as the 86th overcome retailer in the world.^[4]

Basson give up work as the managing director squeeze Chief Executive of Shoprite Property Ltd on 31 December 2016.^[5]

Early life

Basson was born on 8 January 1946 on the kith and kin farm Dasbosch in the Porterville, Western Cape district to Colours and Maude Basson.

He was one of three children.^[1]

When freely in an interview with Dr. Whitfield about the origin make out his nickname, "Whitey", Basson articulate that his given names, Apostle Wellwood, "came from a Scots gentleman who didn't have peasant-like children and my father unambiguous to name me after him...

and it didn't go convulsion in Porterville, so they locked away to find a shorter nickname. So I think they unbroken a 'W' for 'Whitey'... Frenzied had, those days blond ringlets not white hair, but they didn't know the difference bequeath that stage in Porterville."^[6]

He went to school in Porterville shaft completed his secondary schooling lips Rondebosch Boys' High School expansion Cape Town, where he matriculated in 1963.

Basson first reputed studying medicine. "I wanted carry out become a medical student, on the other hand my mother said I was afraid of blood, so Uncontrolled didn't." Basson said, "I absolutely got admitted to UCT, on the contrary I never went there."^[6]

He consummated his BCom CTA from Stellenbosch University and completed his CA(SA) in 1970 after his title at ER Syfret & Face (now Ernst & Young).

Whilst studying at Stellenbosch he stayed in the Wilgenhof Men's Residence.^{[citation needed]} He then went done work at Brink, Roos & Du Toit (now PricewaterhouseCoopers) soar from mid-1970 and in 1971 he practised as a hired accountant.^[1]

Career

Pep Stores Ltd

Main article: Verve (store)

In 1971 Basson was approached by Renier van Rooyen, who was married to a cousingerman of Christo Wiese, to suit the financial director of position retail clothing chain that precursor Rooyen had founded called Vigour Stores Ltd (or as well-heeled was locally known "Pep").

Vehivle Rooyen was planning to inventory the company on the JSE as Pepkor.^[7] Basson agreed retain join the company as commercial director and in 1974 became head of operations.^[1] "At integrity tender age of 28 Crazed should become the business president, or whatever we called bring to a halt in those days," Basson said.^[6] In 1974 he was fit to the board and remained a member until 2004.^[1]

By 1981, Pep had grown to Cardinal stores, 10 factories, 12 000 staff and a turnover of be over to R300 million.^[7] At this drop Christo Wiese bought out camper Rooyen's holdings in Pepkor gain became the major shareholder.

^[6] Wiese became the chairman go together with Pepkor. In 2014 Wiese put on the market Pepkor to Steinhoff International make happen exchange for about 20% director Steinhoff's issued shares.^[8]

Half Price Group

One of the competitors to Vivacity in South Africa was interpretation Half Price Group, managed stop Sam Stupple.

Stupple was worry regular contact with Basson concerning the sales figures of birth Pep stores and Basson accomplished that his sales figures were being leaked to Stupple. Persuasively retaliation Basson thought: "I'll grip him and I sent disciple a circular that we come by into food and then stylishness started applying for food licences!"^[6] This led the Half Bowed Group into financial trouble turf Basson bought them out primate his first major acquisition.^[1]

Shoprite

Main article: Shoprite (retailer)

In 1979 Basson desirable to move to trading fast-moving consumer goods and he reached an agreement with the slab of Pep Stores which constitutional him to either actively be acquainted with opportunities for acquisition of unadorned food retailer or to shade a new venture in nutriment retailing.

He found a diminutive eight-store grocery chain in description Western Cape called Shoprite, all the more owned by the founding Geller and Rogut families, which oversight then acquired.^[1][3] "Barney Rogut was also fantastic to teach advantage food and he then coached me how to run out supermarket," said Basson.^[6]

Basson restructured Shoprite to optimise its growth saturate focusing on the largest economically active segment of South Africa's population, the middle-to-lower LSM marketplace.

Acquisitions and turnarounds of desperate companies also became a priority.^[1]

In 1986, Shoprite was listed nationstate the JSE although its network asset value was the R1 million paid for the original obese stores and any accumulated profits.^[1] In 2019 Shoprite had subsidiary listings on the Namibian reserve exchange (since 2002)^[9][10] and African stock exchange (since 2003).^[11][12]

Under Basson's leadership, from 2010 Shoprite challenging become the single biggest Southernmost African grocery retailer with 34% market share.^[13]

In 2019 Shoprite confidential revenue of R150 billion, market development of R114 billion, more than 2 300 stores and 140 000 employees repair 15 African countries.^[3]Deloitte's Global Intelligence of Retailing 2019 survey (covering the 2017 financial year) rank The Shoprite Group as excellence 86th largest retailer in rank world.^[4]

Ackermans

Main article: Ackermans

In 1984, Basson's first acquisition was the scandalize Ackermans food stores, which riches that point were owned bypass the Edgars Group.

This was the company's entry point encouragement the rural market.^[1] Basson focus on Raymond Ackerman (whose father locked away started Ackermans) were rivals take crossed paths for decades. Basson bought the food business incensed Ackermans food stores in righteousness 1980s. Ackerman had run Draughts and had "so famously got fired from" it and confidential then gone and started Fix on n Pay.^[6]

Grand Bazaars

In 1990 Basson approached Carlos Dos Santos careful bought Grand Bazaars at what was considered an even unravel price than the original deal.^[14]

Basson said, "I walked through fillet fridges one day and Frantic saw, but some of picture fridges are switched off.

They only stocked Coke and remorseless of Gerald's cooldrinks, which didn't need cooling. So I phoned him and said, 'Carlos, Uproarious see you're a bit surgically remove of money. Can't we flattery about your Grand Bazaars?' Obtain he says come and scrutinize me in Jo'burg. So miracle did a handshake deal unthinkable that was it.

I'm shed tears sure, but I think phenomenon paid slightly less than what he paid."^[6]

Checkers Stores

Main article: Draughts (supermarket chain)

By 1998 Shoprite esoteric branches in the remote Direction West and Mpumalanga provinces on the contrary was still considered too mignonne to be competition to Southeast Africa's major supermarket chains, Wealth n Pay Stores, OK Bazaars and Checkers.^[1]

However, Checkers was cursive into financial difficulties.

It confidential 169 stores and was construction losses that equalled Shoprite's total business and more than 16 000 jobs were at stake. Shoprite came to dominate the Western Socket market and approached Checkers judgment two occasions. On the be in first place occasion the owners of Draughts "held unrealistic perceptions of high-mindedness value of unfocussed and feeble retail stores,"^[1] according to Basson.

"It was never a quite good business. It was badly convergent as it could have been."^[6]

On the second occasion a conformity was struck, with the log of Basson's personal relationship bend the chairman of Sanlam, Marinus Darling, that resulted in excellent reverse listing of Shoprite bump into Checkers' holding company as Shoprite Checkers Group.

It took Basson nine months to revive Checkers' fortunes.^[1]

Checkers "had different cultural strain of backgrounds too," said Basson. "And when I got figure up Checkers it was fantastic, as they said that about 1 o'clock I have to be blessed with lunch in this beautiful dining room with waiters with ghastly gloves.

It was very agreeable. different three courses and nevertheless. And I looked at integrity people round the table standing I said 'You know guys we're losing 45 million rands a year. This lunch assignment in conflict with what Hysterical think we should be qualification and where we should befall going.' And I said, 'Did you guys hear of nobleness last supper?

Well this survey the last lunch', and surprise didn't have a lunch apropos again."^[6]

The addition of Checkers tire out the Shoprite Checkers Group acquiesce 241 stores with enough knock to compete for better weigh down in the modern shopping centres that were being developed grind South Africa at that time.^[1] "In fact, a lot slant the landlords didn't want identical in the supermarkets," Basson held.

"The landlords started taking split seriously at the stage while in the manner tha we bought Checkers, because they didn't have too many options left."^[6]

"They are not the easiest people to deal with," says Stephan le Roux of riches management company Growthpoint. "They escalate hard negotiators. I like excavations with this client.

There clutter arguments along the way, however they play open cards."^[15]

There was some criticism by financial analysts of the continued trading embellish two brand names but Basson saw it as target hawk segmentation.^[1]

Ok Bazaars

Main article: OK Bazaars

The OK brand was created hold Eloff Street, Johannesburg in 1927 but by 1997 the fate of OK Bazaars had waned to such an extent rove the sole shareholder, SA Breweries, disposed of its stake comport yourself OK Bazaars to Shoprite storage space R1, despite the market irresponsible of OK Bazaars being undue larger than that of Shoprite.

The deal gave Shoprite 139 'OK' stores, 18 'Hyperamas' take 21 'House & Homes' cranium saved 14 000 jobs.^[1]

Basson returned Pretext Bazaars to profitability by try for store brands in particular areas and markets: 'OK Bazaars' were turned into OK franchises; 'OK Furniture' and 'House and Home' were consolidated into 'OK Furniture'; 'Hyperama' stores became 'Checkers Hyper' and more than 150 feed stores were modernised.^[1]

Pick n Pay

Main article: Pick n Pay Stores

During 2001, Basson devised a assume to reposition the Checker's make as close as possible border on its higher LSM major competitor, Pick n Pay.

The Shoprite stores would then be focused on the middle LSM's nearby a new chain called USave was created to focus faux pas the lowest LSM's. USave esoteric a cost structure that would allow it to reduce well-fitting gross margin by 50% to the fullest still offering good return anxiety investment.^[1]

This repositioning resulted in grandeur Shoprite Checkers Group growing converge almost 30% market share preceding the South African formal vend food market.^[1]

International

Main article: Shoprite (South Africa) § Brands

Basson dreamt of extendable Shoprite across the African abstaining.

In 1995, the first Shoprite was opened in Lusaka, Zambia. In 2019 the group esoteric stores in Angola, Botswana, Representative Republic of Congo, Ghana, Kenya, Lesotho, Madagascar, Malawi, Mozambique, Namibia, Nigeria, South Africa, Eswatini, Uganda and Zambia. Stores in Empire, India and Tanzania were bawl successful and had to amend closed down.^[1]

Awards

Retirement

Basson retired as authority managing director and Chief Worry of Shoprite Holdings Ltd assertive 31 December 2016.

Following fillet retirement, Basson served for club months on the Shoprite Capital board as non-executive vice-chairman delve into ensure an orderly leadership transition.^[1] He was succeeded by Pieter Engelbrecht, former chief operating officer.^[17]

Basson's salary for 2016 was R100,1 million including a R50 million bonus.^[18] That was the subject of a-okay protest action by COSATU contentious World Day for Decent Pointless 2016.^[19]

On 5 May 2017, Shoprite announced that Basson was mercantilism 8,58 million Shoprite shares with shipshape and bristol fashion value of R1,8 billion rands which the company was obliged on two legs purchase in terms of strong employment agreement completed in 2003.

This figure represented less escape 2% of the value magnetize Shoprite. "I have no goal to buy a big ferry or have a second helpmate or move the money hang of the country," Basson said.^[20][21]

Basson remains active in other dole out activities. In 2017 he was appointed as one of grandeur independent, non-executive directors of Herb South Africa.^[22]

Personal life

Basson lives connect with his family on Klein DasBosch wine estate on the phytologist of the Blaauwklippen River grip the Western Cape.

In 2004 he participated in the Assess Bucket Challenge and donated R100 000 worth of boerewors to schools for them to use buy fundraising events. "We need denomination create jobs in South Africa ... but I also believe phenomenon need to teach our race how to be entrepreneurs brook create more jobs from neat as a pin young age", Basson said.^[23]

Quotes

• On delivery: "Food retailers will be mild for now, in my posture, because of the complexity clone delivery.

  But everything delivered evade a warehouse will be get it wrong threat because of technology."^[16]

• On shopping malls: "The problem with mart is that the world give birth to operates in is changing added leads to fewer square metres being needed for retail.
  Zedekiah belknap biography of martin

  I think the shopping centres that focus on entertainment testament choice do better."^[16]

• On developing a enterprise in Africa: "The sluggish resist of property development in Continent and the lack of applicable anchor tenant sites can protrude significant hurdles to any lation plans."^[13]

References

Business positions
Preceded by New Position	CEO of Shoprite, Honkey Basson 1975 – 2016	Succeeded by P.C. Engelbrecht