In May 2024, Gareth Ackerman announced his intention to retire and to step down as chair of the board of directors of Pick n Pay, following the release of the group’s 2025 financial results.
Appointment of new chair
The board has confirmed that James Formby, former CEO of Rand Merchant Bank, who is currently serving as lead independent director, will succeed Ackerman as chair of the board, effective from the conclusion of the Annual General Meeting on 5 August 2025.
James Formby named chairperson of Pick n Pay, effective August 2025. Source:
www.rmb.co.za/At that time, Formby will step down as a member of the Audit, Risk and Compliance Committee. He will also step down as chair of the Finance and Investment Committee at the end of the financial year.
Formby joined the board in October 2022, following his retirement as CEO of Rand Merchant Bank. Formby was then appointed as lead independent director in July 2023 and has since played a key role in guiding the Pick n Pay turnaround strategy and in overseeing the execution of the group’s two-step Recapitalisation Plan.
Formby also currently serves as the non-independent chair of Boxer Retail Limited, the Group’s 65.6% held subsidiary.
In consultation with the board of directors of Boxer, Formby has indicated that he intends to step down as chair of Boxer at the end of the FY26 financial year.
The Boxer board has resolved that Sean Summers will be appointed chair of Boxer at that time.
Gareth Ackerman remains on the board
The board extends its sincere thanks to Gareth Ackerman for his dedicated service as chair of the board over the past 15 years. Ackerman’s tenure spanned a period of considerable change and disruption in the retail sector, including a highly competitive trading environment, the unprecedented challenges of the Covid-19 pandemic, changes in executive leadership and the centralisation of the group’s supply chain.
Gareth Ackerman steps down as chair of the board of directors of Pick n Pay. Image supplied
Under his principled leadership, the group navigated these complexities with resilience and integrity. Ackerman was instrumental in securing the return of Sean Summers as CEO — a milestone in restoring Pick n Pay to its rightful place in the South African retail sector.
Ackerman will remain on the board as a non-independent non-executive director. He will continue to serve on the Remuneration Committee and will join the Finance and Investment Committee.
Sean Summers continues as CEO
The board also announced that CEO Sean Summers has extended his contract with the group and will continue in his role until May 2028.
This extension ensures continuity and stability in the leadership team during a period of significant strategic transformation. It also allows for a considered and deliberate succession process, including a comprehensive handover period in due course.
Under Summer’s steady and decisive leadership, the group has stabilised, executed recapitalisation and began implementing a clear and actionable turnaround plan. His leadership has enabled a renewed focus and alignment across the executive team.
Changes of independent non-executive director
The board has appointed Pooven Viranna as an independent non-executive director and a member of the Audit, Risk and Compliance Committee, with effect from 1 June 2025.
Viranna holds a Bachelor of Commerce degree and a Postgraduate Diploma in Accountancy from the University of Natal. She is a qualified Chartered Accountant (SA). She brings more than 20 years of executive and financial leadership experience across diverse sectors, including telecommunications, fast-moving consumer goods (FMCG), healthcare, technology and financial services.
Viranna has also previously served as a member of the Accounting Practices Committee of the South African Institute of Chartered Accountants (SAICA). She currently serves as a non-executive director of Evolution Credit, where she chairs the Audit Committee, and as a non-executive director and Audit Committee member of Oceana Group Limited. Pooven brings deep expertise in financial governance, business transformation and board-level oversight.
David Friedland will retire as an independent non-executive director and member of the Audit, Risk and Compliance and Finance and Investment Committees, with effect from the 2025 AGM.
