South African supermarket chain Pick n Pay Stores Ltd has appointed senior executive Lerena Olivier as chief finance officer with effect from Sept. 6, it said on Wednesday.

The country’s third largest grocery store chain by market capitalization announced in April that CFO Aboubakar Jakoet would retire after 34 years with the group once a successor had been appointed.

Lerena, with 18 years of experience with JSE-listed companies in the retail sector, has been a senior executive within Pick n Pay’s finance division for the past eight years, where she has worked closely with Jakoet.

Jakoet will continue to serve in a non-executive capacity on the Pick n Pay board, the retailer, which pitches itself as a more affordable alternative to the likes of Woolworths and Shoprite’s Checkers, said.