Big shake-up at Takealot with CEO and CFO to step down

Takealot CEO Kim Reid and CFO Gary Altini are planning to step down as executives at the online retailer following a transition phase.

During a transition phase, Reid will serve as Group CEO of the Takealot Group and will become chairman of the group during the course of 2021.

Takealot said the search for a new Group CEO is underway and when the right person is found to succeed Reid, this will be announced.

“The appointment of the new Group CEO will reflect the company’s commitment to transformation,” Takealot said.

Once chairman, Reid will work closely with the Group CEO and Naspers on Takealot’s next phase, stepping back from day-to-day operations to focus on initiatives that will deliver future value for the group.

Another development is the creation of a new Group CFO position, which will be responsible for all financial matters across the Takealot Group.

Altini will take up this role initially, but as he is planning to step down in July the process to find his successor has kicked off.

In addition to the new Group CEO and CFO positions, the company is also creating a new CEO position to lead the Takealot business.

Frederik Zietsman, who currently heads up the retail and marketplace portfolio in Takealot, will be appointed to this role.

He will report directly to the Group CEO who will work with the leaders of Takealot, Superbalist, and Mr D Food to build on these well-established platforms.

Reid played a key role in starting Takealot in partnership with US-based investment firm Tiger Global Management.

While taking a break from corporate life, Tiger Global Management approached Reid with a co-investment opportunity in the South African ecommerce market.

They joined forces to acquire Take2, an online retail company started by seven investors in Cape Town in 2002.

Takealot.com was officially launched in June 2011, and Reid served as chief executive since inception.

Gary Altini joined the business in October 2010 and as CFO is responsible for the financial side of the business.

He also runs the day-to-day operations relating to customer payment mechanisms, risk management, reporting and compliance.

Under Reid and Altini’s leadership, Takealot grew into the leading ecommerce retailer in South Africa and one of the largest, most innovative ecommerce retailers on the African continent.

During their tenure, Takealot opened warehouses in Johannesburg, Durban and Cape Town and pickup points across South Africa.

In 2014, Takealot acquired Mr Delivery which gave the business ownership over its own logistics network.

The same year saw the successful acquisition of Superbalist.com and culminated in the announcement that Naspers-owned Kalahari.com would be merging businesses with Takealot.

The merger was successfully completed on 1 May 2015 when all Kalahari customer accounts were successfully transferred to Takealot.

Beginning in early 2018, Naspers increased its investment in Takealot to 96%.

Today Takealot is South Africa’s largest ecommerce retailer with over 2,000 employees.

MyBroadband contacted Takealot for comment, but the company said it will only release a statement about the issue at a later stage.

Now read: Takealot’s dominance in South Africa to be investigated by Competition Commission

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Big shake-up at Takealot with CEO and CFO to step down