Table of Contents
Key Points
- Pick n Pay posted a $171 million loss in 2024, prompting leadership changes and a strategic overhaul led by returning CEO Sean Summers.
- A $211 million rights offer and $422 million Boxer listing helped recapitalize the group amid operational restructuring.
- Ackerman family ends majority control after voting rights fall to 49%, with Gareth Ackerman stepping down as chairman.
The Ackerman family, one of South Africa’s most recognizable retail families, has stepped back from the leadership of Pick n Pay. For the first time since the company’s founding, no member of the family holds the position of CEO or chairman.
Ackermans step back from control
Pick n Pay was founded in 1967 by Raymond Ackerman, who, along with his wife Wendy, bought four small stores and built them into one of Africa’s largest retailers. Raymond led the company as CEO until 1999 and remained chairman until 2010, when his son Gareth took over.
Although Pick n Pay is listed on the Johannesburg Stock Exchange, the Ackermans have long remained deeply involved—holding a 16.71 percent stake, or 124.68 million shares, and maintaining majority voting control until recently.
The group, which now runs more than 2,000 stores across eight African countries, reported an after-tax loss of R3.2 billion ($171 million) in 2024. In response to mounting challenges, Pick n Pay has been undergoing a major overhaul.
Under its "Ekuseni" strategy—a Zulu word meaning "new dawn"—the company is restructuring operations, repositioning the Pick n Pay brand to target more affluent shoppers, and introducing a new "QualiSave" brand aimed at middle-income customers.
At the center of this transformation is the return of Sean Summers, the former CEO, who rejoined the company to steer it through this transition. His leadership has brought a renewed sense of focus, with the business making several swift adjustments to get back on track.
To strengthen its financial position, the group announced a two-step recapitalization plan. This included a R4 billion rights offer and the public listing of Boxer—one of Pick n Pay’s strongest-performing divisions—which raised more than R8 billion.
A family’s legacy shifts course
As a result of the rights offer, the Ackerman family reduced its voting rights from 52 percent to 49 percent, officially bringing their era of control to an end, even though they still remain significant shareholders. In another key moment, Gareth Ackerman stepped down as chairman during the group’s annual general meeting on Tuesday, Aug. 5, 2025. His resignation further signaled the family's shift away from day-to-day oversight of the company.
“I’m proud of how far we’ve come over the past 15 years," Gareth said in a statement. "We’ve grown from a decentralized business with 500 stores to a modern, unified retailer with a clear strategy and shared purpose.”
He noted that the company is showing signs of recovery and credited the renewed energy within the business. “As a family, we’ve never just seen ourselves as shareholders. We’ve always believed in building something meaningful—a business with heart, a sense of responsibility, and a commitment to doing well by doing good.”
Formby steps in as Pick n Pay chair
Despite stepping down as chairman, Gareth will remain on the board, alongside his siblings Suzanne and Jonathan. Taking over the role of chairman is James Formby, the former CEO of Rand Merchant Bank (RMB), who has served on the Pick n Pay board as a non-executive director since 2022.
Formby, who also chairs Boxer, is expected to bring strong financial and strategic leadership to the group. He will work closely with Summers, whose contract was recently extended until 2028 as the company anticipates a longer recovery period.
