Pick n Pay chair Gareth Ackerman to retire

Pick n Pay chair Gareth Ackerman will retire next year after 14 years at the helm of South Africa’s third-biggest supermarket retailer.The board will announce his successor later, the company said on Monday.Earlier this year, new CEO Sean Summers announced a two-step recapitalisation plan including a rights issue to raise up to R4bn and the listing of its crown-jewel discount grocer Boxer to repay its ballooning R6.1bn debt.The Ackerman family, which founded Pick n Pay and is its controlling shareholder, has given in-principle support for the proposed plan.On Monday Pick n Pay…