A major leadership change has marked the end of a defining chapter in South Africa’s retail history. For the first time since Pick n Pay was founded, no member of the Ackerman family holds the role of CEO or Chairman.

Raymond Ackerman established the supermarket chain in 1967 by acquiring four stores with his wife, Wendy. He led the group as CEO until 1999 and later served as Chairman until 2010, when his son Gareth stepped into the role. Although Pick n Pay is publicly traded, the Ackermans maintained majority control for decades.

That control effectively ended in 2024, following a turbulent year in which the company reported a R3.2 billion loss. The downturn was largely attributed to the failed Ekuseni strategy, which attempted to reposition Pick n Pay as a premium brand while introducing the budget-focused “QualiSave.” The initiative struggled to gain traction and prompted swift leadership changes, including the return of former CEO Sean Summers, who promptly reversed the plan.

In response, the group launched a two-pronged financial rescue: a R4 billion rights offer and the public listing of Boxer, its high-performing discount chain, which brought in over R8 billion. The rights offer reduced the Ackermans' voting share from 52% to 49%, ending their majority stake.

Gareth Ackerman stepped down as Chairman during the company’s AGM on August 5, 2025, although he remains on the board with siblings Suzanne and Jonathon.

Reflecting on his tenure, Gareth said, “We’ve transformed from a fragmented group into a unified business with a clear strategy across 2,500 stores. The momentum since Sean’s return is encouraging.”

Taking over as Chairman is James Formby, former CEO of RMB and long-time FirstRand executive. A board member since 2022 and Chair of Boxer, Formby will work closely with Summers, whose contract has been extended through 2028.

Recent results show signs of recovery, with a 4.3% rise in group turnover and 3.8% growth in comparable store sales over the 17 weeks ending June 29, 2025.

Gareth expressed confidence in the company’s direction: “With James and Sean leading, I’m optimistic about what’s ahead.”

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