Pattison to step down as CEO of Wal-Mart's S.African unit

Pattison to step down as CEO of Wal-Mart's S.African unitGrant Pattison, the chief executive officer of the South African unit of Walmart called, Massmart, has indicated that he is planning to step down from the top job.

The head of the retail giant said that he will step down this year, the company said on Friday. Pattison has been heading the company since previous seven years, when the company recorded a steady growth. He also oversaw the sale of a majority stake to U. S. retailer Wal-Mart Stores.

Pattison headed the sale of a 53 percent in Massmart to Wal-Mart, which is the world's largest retailer. The large deal in 2011 boosted the industry's profile analysts saw the entry of Wall Mart as a vote for confidence in the retail industry in the country. However, the company had to engage with negotiations with unions and South Africa's government over a host of issues.

"The group is in good shape and well positioned for growth and I can think of no better time to hand over the reins," Pattison said.

Chief Operating Officer Guy Hayward will replace Pattison at the top job. He will continue to work as a non-executive director until the end of December.