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Johannesburg - Chairperson of the Pick n Pay Group Raymond Ackerman will retire at the end of the financial year, the listed retailer said on Wednesday.
"Our chairman, Raymond Ackerman, has indicated his wish to
retire at the end of the financial year, to be replaced by
non-executive chairperson Gareth Ackerman.
"Mr Ackerman will stay on in an advisory role as ambassador for the company and will continue to work out of the Cape Town office as he has before," the company said in a statement.
While it was still some months before his official retirement,
it was "entirely appropriate to acknowledge his contribution as founder to the success of Pick n Pay, his role in changing the retail landscape in South Africa, his contribution to South African society and the legacy he has entrenched at the company," the statement read.
The 79-year-old Ackerman's career at the company had spanned 43 years.
"In March next year, I will be in my 80th year," Ackerman said.
"The company under CEO Nick Badminton has done some incredible forward planning and the strategic direction taken by the company has resulted in a five year plan that is both remarkable and very confident," he said.
The company was in a very strong position and was extremely well placed for the future, he said.
"All the foundations have been laid and I believe this is an appropriate time for me to hand over the chairmanship of the company, despite this year being really tough."
He added that Pick n Pay was "unashamedly" a family controlled but professionally managed company with a strong focus on corporate governance.
"I believe this has been a core strength of the company and has always allowed us - to the benefit of all Pick n Pay Stores and Holdings shareholders - to take a long term view of the company instead of focusing on immediate or short-term returns."
The annual compound growth of the group attested to the validity of the implementation of long-term strategy, he said.
"An investor who put R100 into the business on listing in 1968 would today have just about R1m - a compound annual growth of 25.3%.
Gareth Ackerman said that after a lifetime of preparation, he was looking forward to taking the reins of the company as non-executive chairman.
"My father changed the face of retail in South Africa and that is the legacy that will always be present at Pick n Pay.
"It's a challenge that I'm embracing with a healthy combination of confidence and humility."
- Sapa