Pick n Pay’s chairman, Gareth Ackerman, has conceded that the Ackerman family and the board made significant mistakes in recruiting people to head up their retail business and that they may have been mismanaged.
Pick n Pay chairman Gareth Ackerman and his family own 49% of the retailer shares. Picture: Simphiwe Mbokazi/Independent Newspapers
“The board and the family needs to not only be supportive of management, it’s got to be there to be questioning,” he told News24.According to the retailers audited results for the year ending February 25, 2024, Pick n Pay’s revenue increased from R109.28 billion to R115.37 billion, while trading expenses rose from R20.15 billion to R22.55 billion.Pick n Pay’s total assets amounted to R46.51 billion, while its total liabilities reached R46.69 billion.
The Ackerman family own 49% of the shares in Pick n Pay and therefore does not have a controlling majority.“And I think one of the fingers that could probably be pointed at me was that maybe I was too supportive over the years with not enough questioning, and the board not questioning decisions enough," he said.
"Whereas now I think, having been through what I’ve been through, I think we need to be a lot more questioning, and I think the challenge to all boards is to drill down a bit more, and I think there have been enough corporate issues over the last couple of years to warrant this," Ackerman said.will recover and he is bullish about Pick n Pay’s future.
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