Pick n Pay boss Ackerman retires

AFTER 43 years at the company he built into a household name, Pick n Pay Stores chairperson Raymond Ackerman is to retire in March next year.

He will, however, continue to play advisory and ambassadorial roles while his son, Gareth Ackerman, currently Pick n Pay Holdings (Pikwik) chairperson, takes over as the new nonexecutive chairperson of Pick n Pay Stores.

Ackerman senior said: "We are unashamedly a family- controlled but professionally-managed company with a very strong focus on corporate governance. I believe this has been a core strength of the company..."

This allowed the group to take a long-term view of the company instead of focusing on immediate or short-term returns, he said.

The announcement was made with the release of the interim results of the country's second-largest food retailer.

Turnover increased by 12,3 percent to R26,6billion for the six months ended August, helped by a 15,3percent jump in sales at its Pick n Pay and Boxer formats.

Chief executive Nick Badminton said the six months had been "very tough and the group had performed satisfactorily in this environment".

Badminton said continuing operations gained a market share of 0,4 percent with significant gains in every fresh food category, together with a 26 percent sales increase in its private label offer, reflecting the consumer trend to value for money.

Jonathan Ackerman and Suzanne Ackerman-Berman, currently alternate directors on the Pick n Pay Stores Board, will become full-time directors, replacing Raymond and Wendy Ackerman.