Pick 'n Pay results | Ackerman family to give up power

JOHANNESBURG - The founding family of Pick n Pay has announced it will be giving up control of the retail giant after being at the helm for almost 60 years.

Pick n Pay has confirmed that Ackerman Investment Holdings, the controlling shareholder, will give up its voting rights next year. 

This is as part of a rights offer to raise R4bn to aid the struggling retailer.  

Ackerman Investment Holdings will also immediately relinquish the right to nominate the chairperson, CEO and CFO.

The announcement comes on the back of the group releasing its results on Monday. 

It delivered a weak full-year result, driven by a substantial trading loss at Pick n Pay, which overshadowed a strong performance by the Boxer business.

CEO of Pick n Pay, Sean Summers discussed this with eNCA.