By Janice Kew | Updated on Oct 12, 2026 at 06:56 AM
Boxer Retail Ltd. appointed a new chief executive officer as the incumbent is set to retire, with the South African budget grocer reporting higher first-half profit after it kept prices low to attract cash-strapped consumers.
Marek Masojada, 61, will retire at the end of February after 33 years at the company, with Justin Galloway appointed his successor, the Durban-based company said Monday. Masojada will remain with Boxer until November next year to support the transition.
Galloway, a chartered accountant who joined Boxer in 2012, currently leads its supply-chain operations and has been a member of the group executive since 2020. He has also worked in finance and store operations and helped build the distribution network underpinning Boxer’s expansion.
Masojada became managing executive in 2019 and CEO in 2024. His retirement is part of a succession plan established when Boxer listed in Johannesburg in November 2024.
Profit excluding certain one-off items rose 9.1% to 565 million rand ($34 million) in the 26 weeks through Aug. 30, while sales increased 6.3% to 24.1 billion rand, the Durban-based company said in a statement Monday.
Trading momentum improved further in September, giving it greater confidence heading into the second half, Masojada said.
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Still, the company cautioned that the outlook remains uncertain amid elevated oil and diesel prices, pressure on consumers and uncertainty around food inflation.
Boxer opened 24 stores during the half and remains on track to open 60 in the full year, part of a longer-term expansion drive supported by additional distribution capacity.
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