Pieter Boone out as Pick n' Pay CEO, Summers back in.
By Lehlohonolo Lehana.
Pick n Pay CEO Pieter Boone has resigned from his position with immediate effect after years at the helm of the JSE-listed grocery retail giant, the group announced on Monday.
Boone, who was appointed to the position in April 2021, will be replaced by former Pick n Pay chief executive Sean Summers.
Summers previously worked for Pick n Pay between 1974 and 2007.
He became managing director in 1996 and CEO in 1999. He left the company in 2007.
"During his tenure, Pick n Pay was the clear grocery market leader in South Africa. The late Raymond Ackerman described Sean as 'an excellent leader who achieved remarkable things at Pick n Pay'," the company said.
"We are delighted that Sean is coming back to Pick n Pay. His knowledge and experience is unrivalled," Gareth Ackerman said.
"Unfortunately, in a very difficult environment, the performance of our core Pick n Pay business has been very challenging over the past months, and has not met expectations. Pieter accepts that the board has decided on a change in leadership. He leaves us with our heartfelt thanks and best wishes for the future," added Ackerman.
"Summers is passionate about getting Pick n Pay back on to the right trajectory and winning the trust and confidence of customers, new and old. He is absolutely the right person for the job at this time."
Summers said, "I am very excited to be coming home to Pick n Pay. Retailing is my passion, and this company is in my blood. I have great excitement and energy for the task ahead."
On Monday, the group reported that it expects to have incurred incremental abnormal costs of about R565 million for the first half of the 2024 financial year, including diesel costs to run generators as well as those sustained as a result of the group’s restructuring.