Pick n Pay has extended CEO Sean Summers’ contract until May 2028, securing his leadership through the retailer’s critical turnaround phase.
At the same time, the group has appointed former Rand Merchant Bank CEO James Formby as its new chair, succeeding long-serving chair Gareth Ackerman, the group said in an announcement.
Formby, currently Pick n Pay’s lead independent director and chair of Boxer, will take over the role after the AGM in August. Pick n Pay said Formby would step down as chair of Boxer at the end of the 2026 financial year, and hand over that role to Summers.
“James was appointed as lead independent director in July 2023 and has since played a key role in guiding the Pick n Pay turnaround strategy and in overseeing the successful execution of the group’s two-step recapitalisation plan. The board welcomes his appointment and looks forward to his continued leadership.”
Ackerman, who led the Pick n Pay board for 15 years, will remain a part of it, however, as a non-executive director and continue to serve on various committees.
“Gareth’s tenure spanned a period of considerable change and disruption in the retail sector, including a highly competitive trading environment, the unprecedented challenges of the Covid-19 pandemic, changes in executive leadership and the centralisation of the group’s supply chain,” Pick n Pay said.
“Under his principled leadership, the group navigated these complexities with resilience and integrity. Gareth was instrumental in securing the return of Sean Summers as CEO — an important milestone in restoring Pick n Pay to its rightful place in the SA retail sector.”
Pooven Viranna, a seasoned chartered accountant with broad sector experience, was appointed as an independent non-executive director from June while long-serving director David Friedland will retire at the August AGM.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.