By: Nicola Mawson – IOL Business

With the Ackerman family selling down Pick'n Pay shares, an investment firm is buying in. Just after Pick'n Pay said the family’s holding fell from 25.4% to 16.8%, the company told shareholders that Allan Gray had increased its stake to 10.43%.

The Ackerman’s sale down has reduced its ownership of the company to 16.8% as it continues to refund itself after ploughing R1.1 billion into the ailing company to right it.

The family borrowed the cash and is now settling that debt by selling shares. 

That funding was prompted by the fact that Pick'n Pay was under strain because of weak operations and a number of poorly performing stores.

As a result, it underwent a major reset, including new leadership, and the separate JSE listing of discount brand Boxer.

CEO Sean Summers is now leading the revival effort.

His plan includes shutting or converting stores that drag down performance, improving efficiencies, and reorienting the business toward growth.

Recently, two million of his performance-based shares vested, giving him R56 million stake in the company.

Summers returned from retirement specifically to execute the turnaround.

The share award is part of a plan approved in May 2024 to align leadership incentives with Pick n Pay’s recovery.

This share plan seems to coincide with the Ackerman family's loss of control.

Just prior to the most recent disposal, the Ackerman family cut its voting power to just under 37% and lowered its economic interest to roughly 18%.

It forms part of the wider reshaping of the group that took place in 2024, when the Ackermans stepped back from majority control.

Their R1.1 billion capital injection kept Pick n Pay afloat during a period of falling market share and intensifying pressure from Shoprite and Checkers.

Pick'n Pay’s trajectory has long been linked to the Ackerman legacy.

Raymond Ackerman bought a single failing Cape Town store in 1967 and grew it into one of the country’s biggest supermarket groups.

The family built its reputation on price, service, and accessibility. Raymond stayed involved well into his later years and up until his passing in 2023.

Over the decades, various members of the family played central roles in the retailer.

Gareth Ackerman moved through several senior positions before taking over as chair, a role he held for more than ten years.

Jonathan Ackerman became closely associated with the brand through his work in marketing and customer engagement.

Their sister, Suzanne, steered transformation and public affairs and continues to support community and enterprise development connected to the company.

Together, they helped entrench the corporate culture and social ethos established by their father.

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