Boxer Retail Limited, South Africa’s leading soft discount retailer majority-owned by Pick n Pay has announced that CEO Marek Masojada, will retire at the end of February 2027 after more than three decades with South Africa’s discount supermarket chain, with the retailer appointing Justin Galloway as CEO-designate as it prepares for its next phase of growth. Galloway’s appointment takes effect immediately, the company said.

Masojada, 61, joined Boxer in 1993, when the business operated five stores and generated annual turnover of R120 million ($7.25 million). He rose through its finance division, spending 25 years as head of finance before becoming managing executive in 2019 and chief executive in 2024, as the retailer expanded its footprint across Southern Africa.

From five stores to 600

Under Masojada’s leadership, Boxer grew into a 600-store retailer and completed its Johannesburg Stock Exchange listing in November 2024. The company credited him with helping expand the business while preserving its low-price proposition and strengthening the operational infrastructure needed to support a larger store network.

His retirement follows a succession process established around the time of the listing, Boxer said. The board considered internal and external candidates before selecting Galloway, who has spent 14 years with the business and held senior positions across finance, store operations and supply chain management.

Inside the succession plan

Galloway, a chartered accountant, joined Boxer in 2012 and became a member of the executive team in 2020. After starting in finance, he moved into store operations, contributing to the development of the retailer’s discount format between 2014 and 2020 before taking responsibility for its supply chain and distribution network.

The board said Galloway’s operational experience and understanding of Boxer’s business positioned him to lead the company through its next phase of expansion. His appointment also highlights the retailer’s efforts to develop internal leadership as competition intensifies for price-conscious South African shoppers.

Masojada said he would leave the business confident in its leadership team, strategy and ability to continue growing. “Having worked alongside Justin for many years, I know Boxer will continue its momentum,” he said.

Galloway said he intended to build on the foundations established under Masojada’s leadership, drawing on his experience across the company’s operations and his understanding of its customers and employees.

Earnings support expansion

The leadership transition comes as Boxer reports higher earnings and continued store expansion. For the six months ended Aug. 30, 2026, the retailer recorded turnover of R24.1 billion ($1.46 billion), up 6.3% from a year earlier, while headline earnings increased 9.1% to R565 million ($34.18 million). Trading profit rose 8.1% to R1.01 billion ($61 million).

Boxer’s trading margin widened to 4.2% from 4.1%, supported by supply-chain controls and higher sales volumes despite deflationary shelf prices and rising distribution costs. The company reported group revenue of R24.39 billion ($1.47 billion) for the period, reflecting its scale in South Africa’s price-sensitive grocery market.

Dividend rises 10.2%

Boxer added 24 net locations during the half-year, bringing its network to 600 stores across South Africa and Eswatini. The estate comprised 347 supermarkets, 221 liquor stores and 32 hardware outlets, extending the retailer’s reach across essential consumer goods and related categories.

The stronger earnings performance prompted directors to increase the interim gross dividend by 10.2% to 49.9 cents a share, from 45.3 cents a year earlier. Majority-owned by Pick n Pay, Boxer operates as a discount retailer targeting middle- and lower-income consumers, with its pricing strategy and cost discipline central to its competitive position.