The chief executive of Massmart, the South African unit of U.S. retailer Wal-Mart Stores, will step down on June 1 after seven years at the helm of the discount retailer, the company said on Friday. Grant Pattison will be replaced by Chief Operating Officer Guy Hayward, Massmart said in a statement.Pattison will remain on the board as a non-executive director until the end of December."The group is in good shape and well positioned for growth and I can think of no better time to hand over the reins," Pattison said.Massmart Deputy Chairman Chris Seabrooke said the company was "saddened" by Pattison's decision.
Wal-Mart Stores, Inc. (Walmart), operates retail stores in various formats globally. Shares of WMT fell by 1.39% or $-1.08/share to $76.89. In the past year, the shares have traded as low as $71.51 and as high as $81.37. On average, 7147700 shares of WMT exchange hands on a given day and today's volume is recorded at 7599640.
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