Pick n Pay has confirmed that CEO Sean Summers will remain in his position until May 2028. The retailer stated that his continued leadership will provide stability and continuity as the company undergoes significant strategic changes.

This extended tenure will also support a well-planned and thoughtful succession process, including a comprehensive handover when the time comes.

“Under Sean’s steady and decisive leadership, the group has stabilised, successfully executed a recapitalisation, and initiated a clear and actionable turnaround strategy,” Pick n Pay said in a statement.

“His leadership has helped realign and refocus the executive team.”

“The board is pleased that Sean remains committed and energised to continue leading the turnaround and looks forward to his leadership over the next three years.”

In addition to Summers’ extended tenure, the company announced that James Formby, currently Lead Independent Director, will succeed Gareth Ackerman as Chair of the Board. Ackerman had previously announced his intention to retire as Chair in May 2024.

Formby’s appointment will take effect following Pick n Pay’s Annual General Meeting on 5 August 2025. He joined the board in October 2022 after retiring as CEO of Rand Merchant Bank and was named Lead Independent Director in July 2023. Since then, he has played a key role in guiding the company’s turnaround and overseeing the successful execution of the two-step Recapitalisation Plan.

“The board welcomes his appointment and looks forward to his continued leadership,” the company said.

Formby also currently serves as the non-independent Chair of Boxer, which was spun off from Pick n Pay and listed separately in November 2024. He plans to step down from this role at the end of the 2026 financial year, at which point Summers will be appointed Chair of Boxer.

The company expressed its gratitude to Gareth Ackerman for his 15 years of service as Chair. “Gareth was instrumental in bringing Sean Summers back as CEO – a key moment in restoring Pick n Pay’s position in the South African retail sector,” it said.

Ackerman will remain on the board as a non-independent non-executive director and will continue to serve on the Remuneration Committee. He will also join the Finance and Investment Committee.

Summers’ Return Seen as a Turning Point

Sean Summers is a long-standing figure in Pick n Pay’s history, having worked for the company from 1974 to 2007. He rejoined the retailer in 2023. Summers became Managing Director in 1996 and CEO in 1999, succeeding founder Raymond Ackerman.

During his first tenure as CEO (1999–2007), Pick n Pay became the leading grocery retailer in South Africa, even outperforming Shoprite under legendary CEO Whitey Basson. Summers also led the acquisition of Boxer during this period.

After his departure, Pick n Pay lost its competitive edge, and Shoprite emerged as the dominant market leader. The company’s performance steadily declined, eventually becoming technically insolvent for the first time in its history.

In a bid to reverse its fortunes, Pick n Pay invited Summers to return as CEO. He accepted the offer and resumed leadership in September 2023, spearheading an ambitious turnaround strategy.

Central to this effort was a two-phase Recapitalisation Plan, which included a R4 billion Rights Offer and the unbundling and separate JSE listing of Boxer.

The August 2024 Rights Offer was a major success, 106% oversubscribed with total subscriptions exceeding R8 billion. Approximately 98.7% of shareholders exercised their rights, and R4.3 billion came from excess applications.

Boxer’s IPO, which concluded on 22 November 2024, was also successful and marked South Africa’s largest initial public offering since 2017. A total of 157.4 million shares were allocated at R54 each, raising R8.5 billion for Pick n Pay.

These strategic moves have significantly strengthened Pick n Pay’s financial position since Summers’ return. His decision to remain with the company for another three years is widely seen as a strong advantage for the retailer’s continued recovery and growth.

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