Foschini’s head of ten years, Dennis Polak (57) will retire at the end of the year. He will be replaced by Simon Bowley.
Polak has been with the fashion retailer, which is seen as a prime target of private equity, since 1969.
Chairman Eliot Osrin, in a statement to the JSE said:”Dennis has been an outstanding CEO and under his stewardship the company has not only annually produced outstanding results (increasing earnings per share from 82,7c in 1998 to R4,63 in 2006), but it had considerably increased the number of divisions which constitute the group by adding Exact, Fashion Express, Due South, @Home, Luella and RCS financial services to the group`s offerings.”
Bowley has been with the retailer for 20 years, the past seven as MD of the Foschini stores division.