South African retail giant Pepkor Holdings has announced that board Chair Wendy Luhabe will step down at the end of June, closing a chapter that spanned nearly seven years on the board of Southern Africa’s largest retailer by store count.

In a Sens statement released Tuesday, the Johannesburg-listed retailer said Luhabe will resign from the board and all related committee positions effective June 30, 2026.

Luhabe joined the Pepkor board as a non-executive director in January 2019 and was appointed chair in December 2020. She also serves as chair of the nominations committee, a role she will relinquish when she leaves the group.

The company said her departure follows a decision to reduce her board responsibilities. “Wendy Luhabe has advised the board that she will resign from the Pepkor board with effect from 30 June 2026, as she is scaling down on her board commitments,” the retailer said.

Pepkor added that a process is underway to appoint a permanent successor. Until then, lead independent director Ian Kirk will serve as acting chair of both the board and the nominations committee.

Kirk joined Pepkor as an independent non-executive director in June 2021 and has held the role of lead independent director.

Pepkor strong growth during Luhabe’s tenure

Luhabe leaves at a time when Pepkor continues to deliver solid financial results and expand beyond its traditional retail operations.

For the six months ended March 31, 2026, the group reported revenue of R54.8 billion ($3.33 billion), up 13.2 percent from a year earlier. Normalized headline earnings per share rose 12.1 percent, while operating profit increased 9.4 percent to R6.3 billion ($382.37 million).

The company has continued to broaden its store network, strengthen its financial services business and integrate acquisitions across its portfolio.

Pepkor operates more than 6,600 stores across 11 African countries and Brazil, processing roughly 2 billion transactions annually. Through brands including PEP, Ackermans, Legit and OK Furniture, the retailer serves millions of value-focused consumers with clothing, household goods, technology products and financial services.

Pepkor expands into banking services

The retailer is also moving deeper into financial services through plans to launch a new digital-focused bank.

Earlier this year, Pepkor received conditional approval from South Africa’s Prudential Authority to establish a banking business, internally known as plusb. Operations are expected to begin in April 2027.

The company aims to attract 1.8 million primary banking customers within five years while investing less than R920 million ($55.8 million) in the venture. The strategy is expected to leverage Pepkor’s extensive store network and customer base across South Africa.

Luhabe brings three decades governance

Luhabe brings more than three decades of boardroom experience spanning corporate governance, executive succession, risk management, remuneration, sustainability and ESG matters.

Over the years, she has served as chair and non-executive director of several major South African companies and institutions, including Libstar, Vodacom, the Industrial Development Corporation, Vendôme South Africa, Tiger Brands and Telkom.

She also served as chancellor of the University of Johannesburg and held positions on the boards of IMD in Lausanne and the advisory board of ESSEC Business School in Paris.

Her departure marks the end of a significant period for Pepkor as the retailer continues to grow its core retail business while pursuing new opportunities in financial services.