CFO Of Clothing Retailer Foschini To Step Down Next Year

 Mzwandile Jacks Careers & Education, Leadership

inShare2

VENTURES AFRICA – JSE-listed clothing retailer, Foschini, on Monday said its CFO, Ronnie Stein, will be retiring at the end of June next year after almost two decades with the Group.
Stein will be replaced by Anthony Thunström as CFO-Elect of the Group with effect from 1 February next year, the board said. Additionally, the Foschini board said the appointment came after an extensive internal and external executive search.
Thunström will assume the position of CFO after Stein leaves for retirement at the end of June next year. Thunström is a chartered accountant with over 21 years professional experience across various industries.
He has been responsible for running a number of r
egional and pan-African businesses for KPMG and most recently held the position of COO for KPMG Africa.
In addition, Thunström has served as a board member of KPMG South Africa and Chairman of their Audit Committee.
Foschini has recently said it is on an aggressive expansion drive, saying it is poised to have about 300 stores outside of South Africa in 2018.
It said this will represent a 45 percent increase from the current 116 stores the firm is operating outside of South Africa.
During the six months ended September this year, Foschini’s 116 stores outside of South Africa posted a 25 percent surge in turnover. “In the next five years our expansion into the rest of Africa will accelerate,” the firm said as it released its interim results in Johannesburg.