Boxer Retail Ltd. appointed Justin Galloway as its new chief executive officer, succeeding Marek Masojada who is set to retire after 33 years. Masojada, 61, will remain with the company until November to support the transition. Galloway, a chartered accountant who joined Boxer in 2012, currently leads supply-chain operations and has been a member of the group executive since 2020.
Under Masojada's leadership as managing executive since 2019 and CEO since 2024, Boxer reported a 9.1% profit increase to 565 million rand ($34 million) and a 6.3% sales rise to 24.1 billion rand for the first half. The company opened 24 new stores during the half and remains on track to open 60 for the full year. Despite the positive results, Boxer cautioned that the outlook remains uncertain due to elevated oil and diesel prices, consumer pressure, and food inflation uncertainty.
Trading momentum improved in September, giving the company greater confidence heading into the second half.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing