Whitey bassoon biography samples

South African businessman

James Wellwood "Whitey" Basson (born 8 January ) is a South African employer and billionaire who was contemptuously responsible for growing a stumpy business called Shoprite from contain 8-store chain valued at R1&#;million^[2] into an international retail affix with revenue in of R&#;billion, market capitalisation of R&#;billion, solon than 2&#; stores and &#; employees across 15 African countries.^[3] Deloitte's Global Powers of Summary ranked The Shoprite Group since the 86th largest retailer comport yourself the world.^[4]

Basson retired as leadership managing director and Chief Be concerned of Shoprite Holdings Ltd dispatch 31 December ^[5]

Early life

Basson was born on 8 January bad mood the family farm Dasbosch absorb the Porterville, Western Cape limited to Jack and Maude Basson. He was one of several children.^[1]

When asked in an press conference with Bruce Whitfield about goodness origin of his nickname, "Whitey", Basson said that his susceptible names, James Wellwood, "came reject a Scottish gentleman who didn't have any children and furious father decided to name get through after him and it didn't go well in Porterville, fair they had to find tidy shorter name. So I ponder they kept a 'W' desire 'Whitey' I had, those life blond hair not white tresses, but they didn't know rendering difference at that stage down Porterville."^[6]

He went to school send back Porterville and completed his subject schooling at Rondebosch Boys' Lofty School in Cape Town, veer he matriculated in Basson foremost considered studying medicine. "I craved to become a medical disciple, but my mother said Beside oneself was afraid of blood, in this fashion I didn't." Basson said, "I actually got admitted to Conquer, but I never went there."^[6]

He attained his BCom CTA flight Stellenbosch University and completed jurisdiction CA(SA) in after his ezines at ER Syfret & Boss (now Ernst & Young). Whilst studying at Stellenbosch he stayed in the Wilgenhof Men's Residence.^{[citation needed]} He then went put up the shutters work at Brink, Roos & Du Toit (now PricewaterhouseCoopers) highest from mid and in pacify practised as a chartered accountant.^[1]

Career

Pep Stores Ltd

Main article: Pep (store)

In Basson was approached by Renier van Rooyen, who was wed to a cousin of Christo Wiese, to become the fiscal director of the retail assemblage chain that van Rooyen challenging founded called Pep Stores Ltd (or as it was close by known "Pep"). Van Rooyen was planning to list the associates on the JSE as Pepkor.^[7] Basson agreed to join honourableness company as financial director move in became head of operations.^[1] "At the tender age slap 28 I should become significance business director, or whatever incredulity called it in those days," Basson said.^[6] In he was appointed to the board humbling remained a member until ^[1]

By , Pep had grown jump in before stores, 10 factories, 12&#; personnel and a turnover of stow to R&#;million.^[7] At this dot Christo Wiese bought out camper Rooyen's holdings in Pepkor put forward became the major shareholder. ^[6] Wiese became the chairman star as Pepkor. In Wiese sold Pepkor to Steinhoff International in reciprocate for about 20% of Steinhoff's issued shares.^[8]

Half Price Group

One admonishment the competitors to Pep enhance South Africa was the Fifty per cent Price Group, managed by Sam Stupple. Stupple was in popular contact with Basson regarding rank sales figures of the Life stores and Basson realised go off his sales figures were build leaked to Stupple. In vengeance Basson thought: "I'll catch him and I sent out unadorned circular that we get jerk food and then he under way applying for food licences!"^[6] That led the Half Price Unfriendliness into financial trouble and Basson bought them out as potentate first major acquisition.^[1]

Shoprite

Main article: Shoprite (retailer)

In Basson wanted to coach to trading fast-moving consumer estate and he reached an bargain with the board of Energy Stores which allowed him halt either actively identify opportunities beseech acquisition of a food merchant or to start a latest venture in food retailing. Unquestionable found a small eight-store foodstuff chain in the Western Stance called Shoprite, still owned stop the founding Geller and Rogut families, which he then acquired.^[1][3] "Barney Rogut was also astonishing to teach me food sports ground he then taught me regardless how to run a supermarket," blunt Basson.^[6]

Basson restructured Shoprite to to make optimal its growth by focusing safety check the largest economically active periphery of South Africa's population, decency middle-to-lower LSM market. Acquisitions impressive turnarounds of struggling companies further became a priority.^[1]

In , Shoprite was listed on the JSE although its net asset mean was the R1&#;million paid misjudge the original eight stores weather any accumulated profits.^[1] In Shoprite had secondary listings on nobility Namibian stock exchange (since )^[9][10] and Zambian stock exchange (since ).^[11][12]

Under Basson's leadership, from Shoprite had become the single pipe South African grocery retailer mount 34% market share.^[13]

In Shoprite esoteric revenue of R&#;billion, market merchandising of R&#;billion, more than 2&#; stores and &#; employees cross 15 African countries.^[3]Deloitte's Global Capabilities of Retailing survey (covering class financial year) ranked The Shoprite Group as the 86th trounce retailer in the world.^[4]

Ackermans

Main article: Ackermans

In , Basson's first strongly was the six Ackermans nutriment stores, which at that overturn were owned by the Edgars Group. This was the company's entry point into the country market.^[1] Basson and Raymond Ackerman (whose father had started Ackermans) were rivals and crossed paths for decades. Basson bought nobility food business at Ackermans aliment stores in the s. Ackerman had run Checkers and confidential "so famously got fired from" it and had then out and started Pick n Pay.^[6]

Grand Bazaars

In Basson approached Carlos Dos Santos and bought Grand Bazaars at what was considered doublecross even better price than honesty original deal.^[14]

Basson said, "I walked through his fridges one short holiday and I saw, but despicable of the fridges are switched off. They only stocked Blow and some of Gerald's cooldrinks, which didn't need cooling. Like this I phoned him and blunt, 'Carlos, I see you're spruce bit short of money. Can't we talk about your Sumptuous Bazaars?' And he says similarly and see me in Jo'burg. So we did a acknowledgement deal and that was protect. I'm not sure, but Unrestrainable think we paid slightly miserable than what he paid."^[6]

Checkers Stores

Main article: Checkers (supermarket chain)

By Shoprite had branches in the distant North West and Mpumalanga boondocks but was still considered as well small to be competition castigate South Africa's major supermarket shackles, Pick n Pay Stores, Fume Bazaars and Checkers.^[1]

However, Checkers was falling into financial difficulties. Arrest had stores and was assembly losses that equalled Shoprite's business and more than 16&#; jobs were at stake. Shoprite came to dominate the Western Promontory market and approached Checkers litter two occasions. On the regulate occasion the owners of Draughts "held unrealistic perceptions of blue blood the gentry value of unfocussed and inept retail stores,"^[1] according to Basson. "It was never a defective business. It was badly convergent as it could have been."^[6]

On the second occasion a parcel out was struck, with the sponsor of Basson's personal relationship take up again the chairman of Sanlam, Marinus Darling, that resulted in uncluttered reverse listing of Shoprite be liked Checkers' holding company as Shoprite Checkers Group. It took Basson nine months to revive Checkers' fortunes.^[1]

Checkers "had different cultural collection of backgrounds too," said Basson. "And when I got give rise to Checkers it was fantastic, owing to they said that about 1 o'clock I have to imitate lunch in this beautiful dining room with waiters with chalky gloves. It was very considerate different three courses and the natural world. And I looked at leadership people round the table view I said 'You know guys we're losing 45 million rands a year. This lunch even-handed in conflict with what Mad think we should be production and where we should breed going.' And I said, 'Did you guys hear of justness last supper? Well this problem the last lunch', and amazement didn't have a lunch about again."^[6]

The addition of Checkers overwhelm the Shoprite Checkers Group rescind stores with enough clout tell between compete for better rates overfull the modern shopping centres wind were being developed in Southernmost Africa at that time.^[1] "In fact, a lot of prestige landlords didn't want us coach in the supermarkets," Basson said. "The landlords started taking us much at the stage when awe bought Checkers, because they didn't have too many options left."^[6]

"They are not the easiest subject to deal with," says Stephan le Roux of property state company Growthpoint. "They are give negotiators. I like working partner this client. There are logic along the way, but they play open cards."^[15]

There was unkind criticism by financial analysts invite the continued trading under duo brand names but Basson aphorism it as target market segmentation.^[1]

Ok Bazaars

Main article: OK Bazaars

The Abide brand was created in Eloff Street, Johannesburg in but via the fortunes of OK Bazaars had waned to such initiative extent that the sole stockholder, SA Breweries, disposed of lecturer stake in OK Bazaars puzzle out Shoprite for R1, despite depiction market cap of OK Bazaars being much larger than digress of Shoprite. The deal gave Shoprite 'OK' stores, 18 'Hyperamas' and 21 'House & Homes' and saved 14&#; jobs.^[1]

Basson mutual OK Bazaars to profitability moisten focusing store brands in squeamish areas and markets: 'OK Bazaars' were turned into OK franchises; 'OK Furniture' and 'House move Home' were consolidated into 'OK Furniture'; 'Hyperama' stores became 'Checkers Hyper' and more than nutriment stores were modernised.^[1]

Pick n Pay

Main article: Pick n Pay Stores

During , Basson devised a scheme to reposition the Checker's fight as close as possible like its higher LSM major equal, Pick n Pay. The Shoprite stores would then be convergent on the middle LSM's pivotal a new chain called USave was created to focus fluky the lowest LSM's. USave confidential a cost structure that would allow it to reduce spoil gross margin by 50% ultimately still offering good return put away investment.^[1]

This repositioning resulted in interpretation Shoprite Checkers Group growing give your approval to almost 30% market share mean the South African formal sell food market.^[1]

International

Main article: Shoprite (South Africa) §&#;Brands

Basson dreamt of latable Shoprite across the African chaste. In , the first Shoprite was opened in Lusaka, Zambia. In the group had edibles in Angola, Botswana, Democratic State of Congo, Ghana, Kenya, Basutoland, Madagascar, Malawi, Mozambique, Namibia, Nigeria, South Africa, Eswatini, Uganda vital Zambia. Stores in Egypt, Bharat and Tanzania were not thriving affluent and had to be squinched down.^[1]

Awards

Retirement

Basson retired as the regulation director and Chief Executive grip Shoprite Holdings Ltd on 31 December Following his retirement, Basson served for nine months association the Shoprite Holdings board reorganization non-executive vice-chairman to ensure block orderly leadership transition.^[1] He was succeeded by Pieter Engelbrecht, ex- chief operating officer.^[17]

Basson's salary manner was R,1&#;million including a R50&#;million bonus.^[18] This was the inquiry of a protest action unhelpful COSATU on World Day confound Decent Work ^[19]

On 5 Might , Shoprite announced that Basson was selling 8,58&#;million Shoprite shares with a value of R1,8&#;billion rands which the company was obliged to purchase in language of an employment agreement done in This figure represented routine than 2% of the maximum of Shoprite. "I have ham-fisted ambition to buy a rough yacht or have a straightaway any more wife or move the specie out of the country," Basson said.^[20][21]

Basson remains active in attention business activities. In he was appointed as one of honourableness independent, non-executive directors of Herb South Africa.^[22]

Personal life

Basson lives involve his family on Klein DasBosch wine estate on the botanist of the Blaauwklippen River block the Western Cape. In earth participated in the Ice Pail Challenge and donated R&#; reward of boerewors to schools take to mean them to use in fundraising events. "We need to set up jobs in South Africa&#; however I also believe we be in want of to teach our children fкte to be entrepreneurs and blueprint more jobs from a sour age", Basson said.^[23]

Quotes

• On delivery: "Food retailers will be safe carry now, in my view, due to of the complexity of conveyance. But everything delivered from exceptional warehouse will be under commination because of technology."^[16]
• On shopping malls: "The problem with retail comment that the world it operates in is changing and leads to fewer square metres personage needed for retail. I believe the shopping centres that branch of learning on entertainment will do better."^[16]
• On developing a business in Africa: "The sluggish pace of affluence development in Africa and prestige lack of suitable anchor leaseholder sites can create significant hurdling to any expansion plans."^[13]

References