Ackerman retreat gives Pick n Pay a lift
The family’s decision to relinquish control over the grocery retailer gives their new chief executive more room to turn the business around
Sean Summers
Ackerman family to relinquish control of struggling Pick n Pay
The announcement comes after another disappointing set of results, in which the group reported a massive decline in its trading profit
Corporate news that made headlines in 2023
The M&G takes a look back at the share price crashes, the historic leadership changes and the surprising appointments
Interview: Sean Summers on Pick n Pay’s turnaround
The retailer released a grim set of results on Wednesday, which saw its shares plummet more than 14%
Pick n Pay: Summers is back, but will the Ackermans check out?
The prodigal son’s return may usher in a new era for the retailer, which has languished under the Ackerman family’s control
Summers returns to revamp vintage Pick ‘n Pay with Ferrari drive
The retailer announced that outgoing Pick n Pay chief executive Pieter Boone would be replaced by Sean Summers, who led the company from 1999 to 2006
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Pick ‘n Pay expects inflation to hit food sales
Chief executive of Pick ‘n Pay Nick Badminton told analysts in Cape Town on Tuesday that although food was often the last to be affected by inflation, "we feel that it will be a little tight in the next six months". He said that internal inflation within the group was showing a 7% increase for the full year, but warned that August showed inflation at 9,5%.
