Cape Town – Pieter Boone has resigned as CEO of Pick n Pay after less than two and a half years in the role, following the board’s decision that a change in leadership was necessary to improve the retailer’s performance.
The company’s core business has faced significant challenges in recent months and failed to meet expectations.
Sean Summers, who previously served as Pick n Pay’s CEO from 1999 to 2007, has returned to the position immediately with the aim of revitalising the core business.
“I want to thank Pieter for his dedication to Pick n Pay over the past two-and-a-half years. He became our CEO while the Covid pandemic was still raging, and has led the business through some extraordinary challenges, including the transition out of the Covid lockdown, the unprecedented civil unrest in 2021, and the current loadshedding crisis. Despite this, he devised and led the launch of our Ekuseni strategic plan, overseeing the very pleasing acceleration of our Boxer, Clothing and Omnichannel growth engines, and launching our new QualiSave brand.
Pick n Pay $JSEPIK board and current CEO Pieter Boone have agreed that Boone will step down as CEO and replaced by former CEO Sean Summers with immediate effect.
“Unfortunately, in a very difficult environment, the performance of our core Pick n Pay business has been very… pic.twitter.com/SXj4E2HAXs
— Martin Rodgers, CFA (@SAValueInvestor) October 2, 2023
“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,” Chairperson Gareth Ackerman said.
Raymond Ackerman, a Pick n Pay pioneer who passed away in September, had praised Summers as an excellent leader.
There will be a brief transition period between Boone and Summers.
According to Biznews, 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.
“I am looking forward tremendously to meeting our teams up and down the country. We are in this together, and we will succeed together.
“I enjoyed the most extraordinary years, working with the late Raymond Ackerman, and we retained a deep personal relationship to the end. The best way I can honour Raymond and Wendy’s legacy is to put Pick n Pay back onto its rightful path to growth and success. I worked closely with Gareth for many years, and we will make a great team together.”
Pick n Pay had previously reported abnormal costs totaling R610 million, leading to the expectation of a first-half loss in the 2024 financial year.
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Compiled by Betha Madhomu
