RETAIL: Raymond Ackerman to Retire
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Pick n Pay Holdings (Pikwik) chairman Gareth Ackerman has been confirmed by the board as the new non-executive chairman of Pick n Pay Stores Ltd. The position has been changed to a non-executive one in line with corporate governance recommendations.
Raymond Ackerman will be turning 80 next year and feels it is time to pass on the reigns. He is happy with what has been achieved during his tenure and is pleased with the direction Pick 'n Pay is headed and is confident of the forward planning that is in place. He believes the company is in a very strong position especially with regards to the future.
He is also very positive about the success the man who is replacing him has had within the Pick and Pay group already. Gareth Ackerman definitely seems qualified for the job, having been with the company for some 19 years and has been involved with everything withing Pick 'n Pay from the butchery division to helping audit the company.
Raymond had this to say about choosing his son to succeed him, “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 and has always allowed us – to the benefit of all Pick n Pay Stores and Holdings shareholders – to take a long term view of the company instead of focusing on immediate- or- short-term returns.”
Stores Chairman-designate Gareth Ackerman said that after a lifetime of preparation, he was looking greatly forward to taking the reins of the company as non-executive chairman. “My father changed the face of retail in South Africa and that is the legacy that will always be present at Pick n Pay. It’s a challenge that I’m embracing with a healthy combination of confidence and humility.”
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. Hugh Herman has also been appointed independent director of Pick n Pay Stores Ltd.
Gareth Ackerman will vacate the chairmanship of Pikwik and Raymond Ackerman will be interim chairman of Pikwik. Jonathan Ackerman, Suzanne Ackerman-Berman and David Robins will become alternate directors on the Pikwik board to Raymond Ackerman, Wendy Ackerman and Gareth Ackerman respectively.
Business News Sector Tags: Retail|