JSE-listed food and clothing retailer, Woolworths, on Tuesday said the CEO of its subsidiary and Australian homeware and fashion retailer, Country Road, Iain Nairn, had resigned with immediate effect.
Woolworths said Nairn would be replaced by Matthew Keogh, while Nairn becomes CEO at David Jones, an Australian department store also owned by Woolworths.
The South African retailer owns over 99 percent of Country Road and is in the process of compulsory acquisition of the remaining shares in the company.
The clothing retailer recently received an approval from the Australian Foreign Investment Review Board (AFIRB) for its takeover offer for the remaining shares of Country Road.
AFIRB’s duties involve probing offers by foreign concerns who take on direct interest in Australia.
“Accordingly, the final outstanding condition to the offer has been satisfied and the offer is now unconditional,” Woolworths said at the time.
Woolworths said it wanted to acquire the remaining shares in Country Road because this move seemed like a sound one after Woolworths announced its plan to buy David Jones, Australia’s department store.
The acquisition of the remaining shares in Country Road, which will become a subsidiary of Woolworths once the purchase is complete, is also in keeping with Woolworths’s age old wish to buy 100 percent of Country Road. (VENTURES AFRICA)