Discount grocer Boxer has named Justin Galloway as chief executive-designate, with immediate effect, as it prepares for the retirement of Marek Masojada at the close of the 2027 financial year. The announcement, made on Monday, came alongside interim results showing headline earnings up 9.1% to R565m and the opening of the group’s 600th store.
Masojada, 61, has spent 33 years at Boxer. He became managing executive in 2019 and was appointed CEO in 2024, the year the business was separated from Pick n Pay and listed on the JSE in November. The group said his departure follows the succession plan set at the time of the listing. Galloway will formally take over on 1 March 2027, while Masojada stays on until November 2027 to support him and the executive team.
Galloway was chosen after a formal process that considered internal and external candidates. A chartered accountant, he joined Boxer in 2012, started in finance, then moved into store operations as general manager of the Punch division before taking charge of the supply chain. He has sat on the group executive since 2020. Boxer credited him with a central role in building its discount format between 2014 and 2020, and in reshaping the distribution network behind its store rollout.
| Boxer interim performance (six months to August) | H1 FY2026 | H1 FY2027 |
|---|---|---|
| Turnover | R22.5bn (+13.9%) | R24.1bn (+6.3%) |
| Trading margin | 4.1% | 4.2% |
| Interim dividend | 45.30c | 49.93c |
| Store estate | 547 | 600 |
The leadership handover comes as trading has cooled. Turnover rose 6.3% to R24.1bn in the six months to August, less than half the growth recorded a year earlier, as consumers came under pressure and selling prices fell. Trading profit rose 8.1% to R1bn, lifting the margin to 4.2%, helped by a 0.5 percentage point gain in gross margin and a 34.7% jump in other income. Profit before tax and capital items increased 10.6% to R774m, and headline earnings per share rose 9.2% to 124.83c.
Price deflation has been a theme all year. In a July trading update, Boxer reported like-for-like sales growth of 2.2% over 20 weeks, with double-digit price declines in maize meal, rice and flour. The group said fuel price increases since May had added to customer strain, though trading improved in the four weeks after the period closed. It expects a stronger second half against a soft November and December 2025 base, but cautioned that visibility remains low given macroeconomic risks and an uncertain outlook for food inflation.
Galloway’s supply chain background aligns with the next phase of Boxer’s plan. The group opened 24 stores in the half, nine superstores and 15 liquor outlets, and says it is on track for 60 openings in the 2027 financial year. Masojada told shareholders in July that the group’s seven distribution centres could absorb up to 200 more superstores.
Boxer also remains central to Pick n Pay’s recovery. The 2024 listing raised about R8.5bn at R54 a share. In May, Pick n Pay sold a further 12.5% stake at R82 a share, raising R4.7bn and reducing its holding to 53.1%. Boxer is now valued at about R38bn, against Pick n Pay’s R14.8bn, while sector leader Shoprite is nearing R200bn. Pick n Pay is undergoing its own leadership change, with Spencer Sonn due to succeed Sean Summers in May 2027.