The Ackerman family will no longer have the majority of shareholding control at Pick n Pay, paving the way for renewal at board level.
After the Ackerman family name became synonymous with that of Pick n Pay since 1967, the Ackerman family has now decided to step back from Pick n Pay and follow their rights, foregoing majority shareholder voting control of the retailer.
AIH will also relinquish the right to nominate the chairman, CEO and CFO immediately. The representation of the Ackerman family on the board of directors will be reduced to three members from the annual general meeting of the 2024 financial year. They are Gareth Ackerman, Suzanne Ackerman and Jonathan Ackerman.
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 to 18 months.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'New blood & ideas': Ackerman family relinquishes control of Pick n PayAfter almost six decades, the Ackerman family, which founded Pick n Pay, will be giving up control of the struggling retailer as part of a revamp.
Read more »
'A proper shake-up': Market welcomes Ackerman family's move at Pick n Pay'A proper shake-up': Market welcomes Ackerman family's move at Pick n Pay
Read more »
Ackerman family resign control of Pick n PayThe Ackerman family say they are confident in the retailer’s future, despite a blue Monday for Pick n Pay as it published bleak results.
Read more »
Ackerman family to relinquish control of struggling Pick n PayThe announcement comes after another disappointing set of results, in which the group reported a massive decline in its trading profit
Read more »
Ackerman family to give up control of Pick n PayThe Ackerman family has confirmed they will follow their rights and forego majority shareholder voting control of Pick n Pay.
Read more »
Ackerman family to give up control of Pick n PayAckerman family to give up control of Pick n Pay
Read more »