Chairperson of the Pick n Pay group Raymond Ackerman will retire at the end of the financial year — March 1 2010 — the listed retailer said on Wednesday.
”Our chairperson, Raymond Ackerman, has indicated his wish to retire at the end of the financial year, to be replaced by non-executive chairperson Gareth Ackerman (52).
”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.
Meanwhile, Pick n Pay posted an 11,1% rise in first-half headline earnings per share, within its 8% to 15% forecast, and expected recent rate cuts to ease consumer strain.
The group said on Wednesday headline EPS went up to 100,30 cents for the six months to end-August, profit before tax was at R927,8-million, 35,9% above last year.
Pick n Pay said its interim dividend per share for Pick n Pay Stores and Pick n Pay Holdings grew by 11,2% to 39,75 cents and 10,6% to 19,31 cents, respectively.– Sapa, Reuters