By: Julia Baker

Though no date has been announced for his retirement during the annual general meeting, Gareth Ackerman will be stepping down after the supermarket group’s recapitalization is finalised and the planned turnaround is in place. The board will then announce a new successor.

After taking over from his father and founder of the group, Raymond Ackerman, Gareth Ackerman accepted the role of chairperson for a five-year term. However, he ended up serving for a total of 15 years.

During the board meeting, the shareholders did not provide the necessary majority vote for the two remuneration-related resolutions, the board plans to further discuss these resolutions with shareholders at a future date.

Within the next 12 to 18 months the replacement of current board members will be proceeding. This gradual approach is being put in place due to the significant level of change needed and the amount of work involved in implementing this transformation for the group's turnaround.

In the online shareholders meeting, Ackerman stated that, “Part of looking to the future is the role of the Ackerman Family. We have recognised that this was the time to push for change and we have now done exactly that. That has meant looking at the control structure and the influence we have on the board, and we have made the appropriate changes to support the turnaround of Pick n Pay”

Regarding the current progress of the recapitalisation and turnaround plan, Sean Summers, the CEO of Pick n Pay, who was reinstated last year to lead the efforts, has implemented a new management team and operational structures. In addition, he has developed a comprehensive turnaround strategy to take place over a few years.

Boxer is still scheduled to be listed later this year. Regarding the recapitalisation, he mentioned that the R4 billion rights issue was finalised in September.

“Last year, we would not have thought this possible. We hope and trust that the GNU will prove to be the catalyst for the increased economic growth that our country deserves. This, as most will concur, will require sensible policies, rapid implementation, effective controls and close co-operation with the private sector, without surrendering delivery away from our government, who is ultimately responsible,” he said, as South Africa is experiencing a surge of hope as the initial changes of the new Government of National Unity are becoming evident.

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