The Ackerman family has confirmed they will follow their rights and forego majority shareholder voting control of Pick n Pay.
the controlling shareholder of Pick n Pay, had provided a firm written confirmation to vote in favour of and to follow their pro rata rights under the anticipated Pick n Pay Rights Offer, subject to its reasonable satisfaction with the terms and conditions of the Rights Offer.
The Board is in the process of identifying his successor as Non-Executive Chairman, who will be announced in due course. The Board has initiated a process for long-serving non-executive directors to rotate and retire in the ordinary course of board appointments over the next 12-18 months.Gareth Ackerman said: “This is a strong vote of confidence by the Ackerman Family in the future of Pick n Pay. The changes in the control structure being announced today are intended to support the business in its transformation under the leadership of CEO Sean Summers and his management team.
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