Pick n Pay has announced the appointment of Grant Pattison, the former CEO of Massmart, to its board. This move is part of the company’s efforts to recover from several years of losses in its main supermarket business and to stabilise operations under the leadership of the new CEO, Sean Summers.
The appointment was confirmed during the company’s AGM held on Tuesday. Alongside Pattison, the board also welcomed Haroon Bhorat, a well-known economics professor from the University of Cape Town. Industry experts praised the new appointments, saying they bring valuable skills and experience to help turn the company around.
Analysts highlighted that Pattison’s retail experience, gained from his time at Massmart and Edcon, makes him a strong addition to the board. Bhorat’s analytical skills and problem-solving abilities were also seen as important assets that could benefit the company during challenging times.
The AGM took place a few months after Summers shared his recovery plan with investors. He reported some progress, especially in increasing sales from existing stores and upgrading outlets. However, he also warned that the trading environment remains difficult in the short term.
The company aims to break even by the 2026 financial year, with profits expected to return after that. While the main supermarket business faces pressure, the company’s Boxer division has performed well, with double-digit sales growth and increased market share.
Customers have responded positively to the new store layouts and changes introduced in the reset programme. Sales at Boxer have grown, while sales at Pick n Pay-branded stores have seen modest improvements thanks to price investments and early success from the reset efforts.
During the AGM, shareholders discussed other governance issues, including executive pay and diversity reporting. Some questioned why return on invested capital (ROIC), a key measure of performance in the industry, was not included in executive remuneration.
The board acknowledged this and said they would review the performance metrics used for pay decisions. Shareholders also raised concerns about transparency in wages and employment equity. They asked for more detailed data on pay gaps and employment demographics, which the company promised to provide in future reports.
The AGM marked the end of Gareth Ackerman’s 15-year tenure as chairman. He remains a non-executive director, and James Formby has taken over as chair. Ackerman praised the company’s progress and expressed confidence in its future, especially under the new leadership.
He reflected on the legacy of his father, Raymond Ackerman, emphasising the importance of hope-led and purpose-driven leadership. Despite the challenges ahead, he expressed strong confidence in the company’s prospects and reaffirmed his support for the business.
Pick n Pay is expected to release its interim results in October. Shares in the company increased by 2.6% following the AGM.