The family’s decision to relinquish control over the grocery retailer gives their new chief executive more room to turn the business around
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The announcement comes after another disappointing set of results, in which the group reported a massive decline in its trading profit
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The M&G takes a look back at the share price crashes, the historic leadership changes and the surprising appointments
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The retailer released a grim set of results on Wednesday, which saw its shares plummet more than 14%
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The prodigal son’s return may usher in a new era for the retailer, which has languished under the Ackerman family’s control
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The retailer announced that outgoing Pick n Pay chief executive Pieter Boone would be replaced by Sean Summers, who led the company from 1999 to 2006
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/ 16 October 2007
Chief executive of Pick ‘n Pay Nick Badminton told analysts in Cape Town on Tuesday that although food was often the last to be affected by inflation, "we feel that it will be a little tight in the next six months". He said that internal inflation within the group was showing a 7% increase for the full year, but warned that August showed inflation at 9,5%.