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Ackerman family resign control of Pick n Pay

The Ackerman family say they are confident in the retailer’s future, despite a blue Monday for Pick n Pay as it published bleak results.
Ackerman family resign control of Pick n Pay Pick n Pay Group CEO Sean Summers. (Photo: Supplied)

Synonymous with the Pick n Pay brand, the Ackerman family are relinquishing control of the retail giant almost 60 years after Raymond Ackerman established the retailer.

Pick n Pay has announced that Ackerman Investment Holdings (AIH) is giving up its majority shareholding in the struggling group and Gareth Ackerman, the chairperson of PnP, will be stepping down after 14 years in the position.

Ackerman assumed the chair vacated by his father, Raymond Ackerman, who died last year. 

Gareth Ackerman is also co-chair of the Consumer Goods Council of South Africa.

The Ackermans, who hold a controlling stake in the group, have made a firm written confirmation to follow their rights under the anticipated Pick n Pay Rights Offer, subject to reasonable satisfaction with its terms and conditions. The exact mechanism has not been finalised yet but their voting rights will fall below 50% after the rights offer.

PnP Ackerman Pick n Pay chairperson Gareth Ackerman. (Photo: Dwayne Senior / Bloomberg via Getty Images)



Pick n Pay is fighting for its survival. On Monday, 27 May, the retailer – which was once the market leader – posted a full-year loss after tax of R3.19-billion. A year ago, it posted a profit of almost R1.2-billion. 

It also abruptly reappointed Sean Summers in October 2023 to turn the retailer around, after warning that it would post its first interim loss. He has warned it could take at least 18 months to return it to profitability.

In a company statement, PnP said the Ackermans’ representation on the board of directors will be reduced to three members from this year’s annual meeting. Gareth, Suzanne and Jonathan Ackerman will remain on the board. Deputy chairperson David Robins, who has served on the board for 22 years, will retire at the FY24 AGM.

The board is in the process of identifying Ackerman’s successor as non-executive chairperson.

Pick n Pay Summers Pick n Pay Group CEO Sean Summers. (Photo: Supplied)



Suzanne Ackerman will remain as chairperson of the social, ethics and transformation committee and will retire from the nominations committee with immediate effect.

Over the next 18 months the board will be rotating or retiring long-serving non-executive directors.

Striking a positive tone, Gareth Ackerman said the family’s rights offer revealed their faith in the future of Pick n Pay: “The changes in the control structure being announced today are intended to support the business in its transformation under the leadership of CEO Sean Summers and his management team.

“The Ackerman family has for some time been considering the changing operating environment and the need for renewal at Pick n Pay, including at board level. To quote a favourite expression of my father, ‘We need to listen to the whispers of tomorrow’. The difficulty the business has found itself in recently has proved an opportune moment to accelerate the renewal process.”

Ackerman said that on a personal level he had been wanting to retire as chairperson for some time. He planned to stay on as chairperson to support the management through the transition until the publication of their FY25 results. DM

Comments (7)

Colin Braude May 31, 2024, 08:51 PM

Don't want to quibble, but Raymond Ackerman did not establish Pick n Pay; he bought it as a small chain from Harry Goldin, who later founded Clicks. Under R Ackerman's stewardship, PnP knocked spots off Checkers (with whom he'd had a spat), but lately Checkers has fought back, especially with its delivery service. Woollies also seems to be losing its edge. Viva the competition.

Selwyn Lange May 28, 2024, 06:29 PM

Raymond Ackerman was a very special person. In the mid 80's we did our weekly shopping at the (then) PnP head office in Protea rd. Quite a few times Raymond would be there talking to till assistants as well as customers - and he NEVER forgot you! When last did a store manger come and greet you?

Barry Messenger May 29, 2024, 09:32 AM

We also saw him in the Musgrave branch in Durban in the early-eighties. A special person indeed.

Barry Messenger May 28, 2024, 02:58 PM

It is very sad to see the decline of PnP, they had their time in the sun but the world changes. I am pleased to see AIH and Gareth Ackerman step back, even if they had no choice, a good example for many others in our country...! I wish the new management all the best in working to retrieve their sustainability.

Oinky doinky May 28, 2024, 01:57 PM

Having worked at the Pick n Pay head office, this news brings mixed emotions, but one word springs to mind: KARMA. The division I worked in, the "C" division, was headed by a tyrant. There was a high turnover of talented staff, with most mentioning how toxic and sexist the office space was. Many people have walked out and turned their backs on Pick n Pay. I would rather drive 20 minutes further than give them a cent!

Andries Jacobus Hough May 28, 2024, 11:47 AM

This is so devastating. PnP has always been my favorite Super and Hypermarket. When I was a kid going to the Gigantic PnP in Brackenfell with my mom and siblings was a major monthly event. I recall even at the smallest PnP you could find almost anything. But yes, things have taken a turn for the worse. I have the same experience that the staff and PnP are clueless when you ask for something and frankly does not seem to care. The PnP in Langebaan is a tragedy. It’s all very upsetting. Others like Shoprite and Checkers has sailed past PnP - seems PnP never even noticed until much much later. An iconic supermarket group and childhood retailer reduced to nothing by the affliction that seems to flourish in South Africa: Incompetente

granville@royaleafrica.com May 28, 2024, 10:06 AM

PnP is where they are because of their staff and management. I stopped shopping there many years ago for this reason. They treat customers with contempt and this hasn't changed over the years judging by most of the comments. Staff and management needs to realize that it is mutually beneficial for both parties to work together to bring success to any organization... Both parties have failed to do so... The saddest part is that PnP was once a brightly shining SA institution which now has also failed all its stakeholders.

godfrey.parkin May 28, 2024, 09:32 AM

A fishy story: Every week for the past ten years I have bought Bismark herrings (ugh) for my father-in-law at PnP in Constantia. Every week I have to return to the deli counter several times until someone shows up to serve there. Every week I watch them drip brine into other dishes as they put herring in the container. Every week I have to ask them to wrap the dripping container. And every week, for the past ten years, they can't find the code for Bismark herring in the system and opt to charge it as 'exotic salad' or 'roll mops' which is more expensive than marked on the dish. Then every week I have to deal with my aged father-in-law's outrage at being ripped off by a few cents. I used to complain, speak to supervisors, get promises that head office is fixing the system, but nothing changed and eventually I just accepted it. It's a small thing that becomes a major irritant and a brand detractor. It's an indication of management indifference. Raymond would not have tolerated it.

marc36 May 30, 2024, 04:28 PM

Red herring. Sounds like you are just being salty.