The retailer confirmed on Tuesday, November 18, that the share disposal, representing roughly 8.5 per cent of its ordinary share capital, was executed via an accelerated book-build at R 25.50 per share, raising about R 1.6 billion, equivalent to approximately $92 million at today’s rate of about R 0.0576 to the dollar.
In May 2024, the Ackermans pledged to step back from day-to-day governance to help rescue the struggling grocer.
Gareth Ackerman, who had dedicated four decades to the business and served as chairman for 14 years, will retire.
He underlined the family’s ongoing commitment, saying: “As a family, we’ve always seen ourselves not just as shareholders, but as stewards of something bigger, a business with purpose, people at its heart, and a deep belief in doing good while doing well … We remain committed to supporting Pick n Pay as it continues to evolve.”
The company has had a bruising recent period. In its 2024 financial year, it reported a loss of R3.2 billion (approximately $184 million), primarily due to the failed rollout of its Ekuseni strategy, a reform aimed at rearchitecting operations around premium and middle-market brands.
The strategy flopped, prompting a reversal by returning CEO Sean Summers, who swiftly abandoned the plan.
To stabilise, the group enacted a two-step recapitalisation: a rights offer of R4 billion (approximately $230 million) and a spin-off IPO of its Boxer division, raising over R8 billion (roughly $460 million).
As part of that recapitalisation, the Ackermans’ voting power dropped from 52 percent to 49 percent. Following this latest sale, their voting interest will shrink further to 36.8 percent, although they remain the anchor shareholder.
Leadership has also been refreshed. James Formby, a veteran banker who previously led RMB and spent 25 years at FirstRand, will take over as chairman. He had been serving as lead independent director and had already overseen the group’s Boxer business.
He will partner with CEO Sean Summers, whose contract has been recently extended through 2028. There are signs that the turnaround strategy is working, particularly through Boxer.
In the six months to August 2025, Pick n Pay’s consolidated revenue rose by 4.9 per cent to R 58.8 billion (around $3.4 billion), and trading profit improved by almost 274 per cent to R 310 million ($18 million).
Boxer was the standout, with its turnover climbing nearly 14 percent to R22.52 billion ($1.3 billion), and its trading profit rising more than 16 percent to R931 million ($54 million).
Yet that loss represented a 13.5 per cent improvement on the first half of the 2025 financial year, a modest but meaningful signal that the company’s restructuring may be gaining traction.
The Ackerman family’s move signals both a personal and institutional evolution: relinquishing control, but continuing to back a business they have long regarded as more than simply a profit engine.
