UPDATE 1-Ex-Tesco boss Brasher to head up S.Africa's Pick n Pay
* New CEO starts work in February 2013
* Pick n Pay shares jump 4.8 percent
(Adds details, background)
JOHANNESBURG, Oct 3 (Reuters) - Richard Brasher, the former UK head of Tesco, has been appointed chief executive of South Africa's No.2 grocer Pick n Pay as the retailer looks for ways to regain domestic market share and fend off encroachment from U.S. giant Wal-Mart.
Brasher, a Tesco veteran of 25 years, left the UK's biggest retailer in July this year after a shock profit warning prompted group CEO Philip Clarke to take a hands-on involvement in the UK business.
Pick n Pay faces stiff competition in South Africa from Wal-Mart Stores Inc , which took a 51 percent stake in local discounter Massmart last year and has set out an aggressive strategy to win business.
A family-run business, Pick n Pay has yet to see the benefits of a gradual improvement in consumer spending in Africa's top economy as it continues to spend a chunk of its cash rolling out distribution centres to boost margins.
The 51-year-old Brasher will take over in February from Nick Badminton who left earlier this year, the company said on Wednesday.
Shares in Pick n Pay jumped 4.8 percent to 46.44 rand as of 0951 GMT, outpacing a slightly weaker JSE All-share index .
(Reporting by Tiisetso Motsoeneng; Editing by Mike Nesbit)
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