Pick n Pay has secured CEO Sean Summers’ leadership until May 2028, ensuring continuity as the retailer pushes forward with its turnaround strategy. Summers, who returned to the role last year, has been central to efforts to revive the struggling supermarket chain. The company also announced a key leadership transition, with James Formby, the current lead independent director and Boxer chair, set to replace Gareth Ackerman as group chair after the August AGM. Formby, a former Rand Merchant Bank CEO, has played a crucial role in Pick n Pay’s recapitalisation and restructuring efforts.
Ackerman, who chaired the board for 15 years, will remain as a non-executive director, staying involved in key committees. His tenure saw the retailer navigate major challenges, including the Covid-19 pandemic, supply chain restructuring, and intense competition. The board credited him with stabilising the business and bringing Summers back to steer its recovery. Meanwhile, Pooven Viranna, an experienced chartered accountant, joins as an independent director, while long-serving board member David Friedland will retire in August.
The leadership reshuffle comes as Pick n Pay works to strengthen its position in South Africa’s fiercely competitive retail sector. With Summers at the helm and Formby taking over as chair, the company aims to build on recent restructuring efforts, including its recapitalisation and the expansion of its discount Boxer stores. The moves signal a focus on stability and strategic growth as the retailer seeks to reclaim market share and improve profitability.