Metcash chief executive Jeff Adams surprised investors by stepping down to make way for Doug Jones, CEO and senior vice president of South African-based Massmart Wholesale, who will take the top job in February.

While the company said Friday that Mr Jones’ appointment followed a global search, it was only a few weeks ago that Mr Adams told The Australian Financial Review that he had renewed his contract and visa for another four years and indicated he had “unfinished business” at the retailer.