The Board takes overall responsibility for the performance of the Group, ensuring that it is managed in a transparent, equitable and responsible manner. Members of the Board operate as a resource for executives in directing, finalising, and overseeing the implementation of the Group's strategy and policy.
The Board and the management of the Pick n Pay Stores Group are committed to upholding the highest standards of ethics, transparency and good corporate governance while pursuing sustainable and profitable growth. The Group's commitment to good corporate governance permeates every aspect of the management structure.
Our corporate governance philosophy and practices are aligned with the four governance outcomes advocated by King IV, namely:
Ethical culture
Legitimacy
Effective control
Good performance
An Executive at Pick n Pay for 15 years until 1999, Gareth headed up various divisions and served as Joint Group Managing Director and the Managing Director of Pick n Pay Group Enterprises. He was appointed to the Board in 1990 as an executive director, until becoming a Non-Executive Director in 1999. From 2002 to 2010 Gareth was Chair of Pick n Pay Holdings Limited, which at that time was the ultimate holding company of the Group. In 2010 he was appointed Non-Executive Chair of Pick n Pay Stores Limited.
Among his other involvements, Gareth is co-chair of the Consumer Goods Council of South Africa and GS1 SA and is previous co-chair of the International Consumer Goods Forum. Gareth sits on the Board of Business Unity South Africa and was a trustee of the Masisizane Fund and was a member of the global board of the Young Presidents’ Organization (YPO). He is a member of the board of advisors of UJ Business School and a Trustee of WWF SA. He is an associate Fellow at Green Templeton College, University of Oxford. Gareth chairs the Ackerman Family interests.
Sean Summers worked for the Group between 1974 and 2007, rising to become Managing Director in 1996, and CEO in 1999. He left the Group in 2007 and advanced his career in international retailing. He has a unique understanding of the Pick n Pay and Boxer businesses and South African grocery retailing and was reappointed as CEO of the Pick n Pay Group in September 2023.
Lerena joined the Group 13 years ago, taking responsibility for Group financial reporting and the finance team. During her more than 20 years of experience in JSE-listed companies in the retail sector, Lerena has gained expertise across a number of key business areas, including corporate finance, risk management, strategy, debt restructuring, corporate actions, information systems, governance and compliance, value-added and retail-related financial services, accounting and tax.
Returning to South Africa after studying and working in the USA, Jonathan joined the Group in 1992. Over a distinguished career with the Group, Jonathan held key leadership roles, most notably in marketing and store operations. Jonathan was appointed to the Board as a representative of the controlling shareholder in March 2010, and as the Group's director of Values he ensured that the well-being of customers was the primary motivating factor for any strategic decision taken in the Group. Jonathan retired as an executive director on 31 March 2023 and has served as a Non-Executive Director from that date.
Following broad executive experience in the Group, Suzanne was appointed Director of Transformation in 2007. In addition to her executive contribution to the Group, she was appointed to the Board as a representative of the controlling shareholder in March 2010. Suzanne retired as an executive director on 31 March 2022, on which date she was appointed to the Board as a Non-Executive Director.
Suzanne holds the position of International Professor of Practice at the Rutgers School of Business-Camden (United States), where she lectures to undergraduate and graduate students and members of the business community in New Jersey and Philadelphia. Suzanne also remains active in many areas of philanthropy across different sectors of society. In particular, she is a passionate proponent of enterprise development and acts as advisor and mentor to the Pick n Pay Enterprise Development division. Suzanne is the Founder and a Trustee of the Feed the Nation Foundation, Chair of the Ackerman Pick n Pay Foundation, a Trustee of the David Sussman Community Forum and a Trustee of the Smile Foundation.
Following his 34-year career in the finance team of the Group, Bakar retired as CFO and Executive Director in September 2019. Given his extensive experience in retail, strategy, tax and finance, the Group is privileged to retain his expertise and experience in his capacity as a Non-Executive Director.
David was the audit engagement partner and lead/relationship partner at Arthur Andersen and KPMG for several listed companies, as well as large owner-managed companies, principally in the retail sector. David served on the Boards of Investec Limited and Investec plc until August 2022.
James was appointed to the Board in October 2022, following his retirement as CEO of the RMB group. James had a successful 25-year career with RMB, holding a number of senior leadership roles over his tenure including in corporate finance and investment banking. James' transactional skills and his ability to structure large deals made him a core member in many BBBEE transactions, IPOs, de-listings, mergers, acquisitions, and disposals over his tenure with RMB. As CEO, James played a significant role in developing RMB's strategy.
Audrey is the Chief Executive Officer of South African based SystemicLogic Group, a global financial innovation, data, and technology company in which she took a majority shareholding in 2014. The company has a proven track record for delivering practical solutions to clients across a wide range of industries and geographies, helping them improve productivity and profitability, and has acquired businesses such as Knowledge Factory in 2019, to enable them to provide end-to-end data analytics solutions. Audrey was awarded Female CEO of the Year for Best Financial Innovation & Technology Disruptor CEO (South Africa) in 2022. Audrey holds numerous leadership positions including G100 Global Chair - AI/Data and Cybersecurity. Audrey is a Fellow of the Africa Leadership Initiative (ALI), a board member of the International Women’s Forum of South Africa (IWFSA), and a member of the International Women’s Forum (IWF).
Haroon is Professor of Economics and Director of the Development Policy Research Unit at the University of Cape Town. He is currently a member of the Presidential Economic Advisory Council (PEAC), established in 2019 by President Ramaphosa. Haroon is the Independent Non-Executive Chair of Sygnia Asset Management and serves as the Co-Chair of its Investment Committee. Haroon is also Chair of the Nimble Group. Haroon is a Non-Resident Senior Fellow at the Brookings Institution – the world’s leading global think tank. He was recently invited to join the UCT College of Fellows. He is a member of the executive committee of the International Economic Association. His career appointments include serving as an economic advisor to former Minister of Finance Pravin Gordhan and to former presidents Thabo Mbeki and Kgalema Motlanthe, formally serving on the Presidential Economic Advisory Panel.
Annamarie is the Executive Chair of the FluidRock Governance Group, a business that she co-founded approximately 17 years ago. Annamarie has been a corporate lawyer and company secretary of companies in the listed environment for more than 30 years. She was until late 2020 a member of the King Committee on Corporate Governance for South Africa and was actively involved in the writing of King II, III and IV with a particular focus on the sections dealing with the functioning of boards and responsibilities of directors. Annamarie serves as a member of the JSE Advisory Committee. She is a well-known presenter of workshops on issues such as board effectiveness, good corporate governance and statutory duties and liabilities faced by boards and individual directors. Annamarie acted as a facilitator for the IoDSA for more than 16 years and currently chairs the board of the Bureau of Food and Agricultural Policy NPC (BFAP) as well as the Vastfontein Community Transformation NPC.
Raymond and Wendy Ackerman founded Pick n Pay in 1967. Over 57 years, their remarkable partnership, based on shared values of consumer sovereignty and ethical business practices, built one of South Africa’s most successful and beloved retail brands. Raymond's passing in September 2023 was deeply mourned and his visionary leadership has left a lasting legacy. Wendy continues to inspire with her indomitable spirit and unwavering support and dedication to the people of Pick n Pay and Boxer.
Vaughan Pierce (BA) (LLB) (LLM) has served as Senior Legal Advisor for the Group for 13 years. During his tenure, he has performed a number of other key roles, including as Vice Chairperson of the Pick n Pay Medical Aid Scheme and as Trustee on the Ackerman Pick n Pay Foundation and Feed the Nation Foundation. Vaughan assumed the role of Executive for ESG for the Pick n Pay Group two years ago, and he continues to oversee the integration of environmental, social and governance considerations across the Group's operations.
The Board is supported by the Executive Committee; the Audit, Risk and Compliance Committee; the Remuneration Committee; the Nominations and Corporate Governance Committee; the Finance and Investment Committee, the Social, Ethics and Transformation Committee and, where relevant, the Independent Board Committee.
The Board's delegation of authority to these committees contributes to role clarity and the effective exercise of authority and responsibilities within the broader Group.
These committees report to the Board on their activities in line with their delegated powers and authority, as set out in the corporate governance report.
These committees report to the Board on their activities in line with their delegated powers and authority, as set out in the corporate governance report.
A Jakoet (Chair)
H Bhorat
D Friedland
J Formby
A Mothupi
The committee provides independent oversight and assessment of the Group’s risk management processes, legal and regulatory compliance, financial reporting, business and financial controls, and internal and external audit processes and acts as a liaison between the Board and external and internal auditors.
View our Audit, Risk and Compliance Committee Report for full details - 271KBA van der Merwe (Chair)
J Formby
A Jakoet
A Mothupi
The committee is responsible for identifying and evaluating suitable candidates for possible appointment to the Board and its committees, and ensuring that the governance procedures, practices and structures of the Board and its committees are effective, appropriate and aligned with relevant local and international codes and best practices. In addition to scheduled meetings, the nominations committee holds ad hoc meetings with all the Non-Executive Directors to discuss and guide succession plans and committee membership.
View our Nominations and Corporate Governance Committee Report for full details - 418KBS Ackerman (Chair)
J Ackerman
H Bhorat
A van der Merwe
The committee, supported by key management personnel, is tasked with ensuring that the Group's enduring values underpin the Group's long-term strategy and are applied daily in all areas of the business, and that our sustainability strategy is closely aligned with the United Nations Sustainable Development Goals most relevant to our business.
View our Social, Ethics and Transformation Committee Report for full details - 405KBA Mothupi (Chair)
G Ackerman
H Bhorat
J Formby
A Jakoet
The remuneration committee ensures that the Group's remuneration policy promotes the achievement of Group strategy, by providing fair and responsible rewards that attract, reward and retain a winning team.
View our Remuneration Committee Report for full details - 2MBJ Formby (Chair)
H Bhorat
D Friedland
A Jakoet
A Mothupi
A van der Merwe
The Corporate Finance Committee has been renamed as the Independent Board Committee and comprises only independent non-executive directors, chaired by the lead independent director. This Committee is not a key standing committee and is convened only for major regulated transactions or investment decisions.
S Summers (CEO)
L Olivier (CFO)
The executive committee is tasked with implementing the strategy of the Board. It serves as the Chief Operating Decision Maker (CODM) of the Group, managing the day-to-day operations of the Group, to ensure sustainable value creation for all stakeholders. The executive committee meets regularly.