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 Africas most recognizable retail families, has stepped back from the leadership of Pick n Pay. For the first time since the companys founding, no member of the family holds the position of CEO or chairman.
Ackermans step back from controlPick 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 Africas 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 involvedholding 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 strategya 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.