2025 was a defining year for Pick n Pay, says Gareth Ackerman

2025 was a defining year for Pick n Pay with its successful rights offer and the Boxer listing, chairman Gareth Ackerman said at the retailer's annual general meeting (AGM).

He said these were two of the most significant capital market events in the company's history.

This was Ackerman's swansong at the AGM as he steps down as chairperson and hands over the reins to James Formby.

He shared some personal reflections on the past, the present, and the road ahead.

Ackerman said, "When I stepped into the chair role 15 years ago, I knew it would be a privilege, but I didn’t realise how deeply I’d come to value the people, purpose, and potential of this business. Together, we’ve navigated significant challenges, taken bold decisions, and laid the foundations for a stronger, more agile Pick n Pay.

"My late father, Raymond Ackerman, founder of Pick n Pay and my predecessor as Chair, often shared two guiding principles that shaped both his leadership and his life. More than just aphorisms, he lived them to the fullest. The first was, “Leaders deal in hope.” It was a belief he shared with former President Nelson Mandela, with whom he had many warm and thoughtful engagements over the years. The second was, “Leaders take people from where they are to where the leader believes they can go.”

Ackerman said over this time, he has tried to stay true to these ideals.

He said, "I’m proud of how we’ve evolved over the past 15 years.The company has moved from a decentralised business with 500 stores into a unified, modern retailer with one team, one strategy, and one shared purpose. That shift has been fundamental in enabling the recovery now underway across our 2 500 stores."

"Today, the energy in the business is vibrant. Over the past two years, we have regained our momentum. We’re focused on execution. And thanks to the extraordinary leadership of Sean Summers and his team, we are seeing real progress. Sean brings a deep understanding of Pick n Pay and an unwavering commitment to its renewed success. His clarity, speed, and belief in what’s possible are key to getting us back on track," he said. 

Summers is CEO of Pick n Pay.

Ackerman said there’s still much work to do, but the plan is sound, and the belief in the goal is back. 

He said colleagues across the country are stepping up. Pick n Pay's suppliers, franchisees and partners are showing strong support. And its customers are beginning to respond to the improvements.

"I genuinely believe Pick n Pay is entering its next great chapter," Ackerman said.

He said he remains a strong advocate for transparency, accountability, and good reporting.

"However, I believe it’ time for regulators and businesses to collaborate to simplify how we communicate with shareholders. We must retain rigour, but we need to make it easier for people to truly understand the companies they’re invested in or shop at. Governance should be a bridge, not a barrier," he said. 

Ackerman said looking at the broader world, we’ve seen these leadership principles in action, but too often, in their absence.

"Over the past six months, we’ve witnessed what happens when hope is replaced by fear, and vision by division. Here in South Africa, we are crying out for leadership that is ethical, decisive, and grounded in a deep commitment to the common good. There is too much anger, too much mistrust, and not enough unity of purpose. We must renew our shared belief that this country belongs to all who live in it and that the path to prosperity lies in building a strong, inclusive economy that lifts people out of poverty and into opportunity. That has always been, and must remain, our national starting point," he said.

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