After more than seven years at the helm of one of Africa’s largest retail and fintech empires, Wendy Luhabe has announced she will step down as chairperson of Pepkor on 30 June 2026. Her departure marks the end of a significant chapter for the group behind Pep Stores, Ackermans, and JD Group—but it also arrives at a moment of arguably the most ambitious pivot in the company’s history: the launch of a fully licensed bank.
Luhabe, a pioneering figure in South African corporate governance and one of the country’s most respected non-executive directors, joined the Pepkor board over seven years ago. During her tenure, she presided over a period of aggressive expansion into financial services, solidifying the group’s position as a dominant force not just in retail but in credit and transactional offerings for lower- and middle-income households. In a brief statement, Pepkor thanked Luhabe for her “steadfast leadership and strategic vision,” adding that she would remain available in an advisory capacity until the end of the calendar year.
Her departure, however, coincides with the group’s biggest strategic bet yet. Pepkor has confirmed it is pouring approximately R920-million into the creation of a fully licensed bank, scheduled to launch by April 2027. The move would transform the company from a retailer-with-a-banking-license into a full-spectrum financial institution, competing directly with the likes of Capitec, TymeBank, and even the traditional big four banks. Pepkor’s internal projections aim to attract 1.8 million banking customers within five years, leveraging its existing network of thousands of physical stores as customer acquisition and service points.
Industry analysts view Luhabe’s departure as a natural transition point. “She steered Pepkor through the integration of its fintech ambitions,” said one retail analyst. “Now the next chair needs to steer the bank launch. Different skill set, different phase.” Succession plans have not yet been announced, but speculation is already circling around several heavyweight candidates from both the banking and retail sectors. For now, Pepkor thanks Luhabe for her service—and prepares to write its most consequential chapter yet.
About The Author
