South African business executive Pieter Boone, the CEO of South African retail behemoth Pick ‘n Pay, has stepped down from his role, effective immediately, after just over two years at the helm of the leading retail group.
The decision comes in the wake of a significant decline in the market value of Pick ‘n Pay shares on the Johannesburg Stock Exchange and challenges navigating the current operating environment.
Boone, a seasoned business executive with more than 25 years of experience in the food retail and wholesale sector, took the reins of Pick ‘n Pay during the COVID-19 pandemic and led the company through a series of unprecedented challenges, including the transition out of lockdowns, civil unrest in 2021, and the ongoing load-shedding crisis.
Gareth Ackerman, the chairman of Pick ‘n Pay, expressed his gratitude to Boone, stating: “I want to thank Pieter Boone for his dedication to Pick ‘n Pay over the past two-and-a-half years. He became our CEO while the Covid-19 pandemic was still raging and has led the business through some extraordinary challenges.”
“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,” Ackerman said.
Replacing Boone is Sean Summers, a Pick ‘n Pay veteran who served as managing director and CEO for 11 years, from 1996 to 2007. Summers brings a unique understanding of the business and South African grocery retailing. During his tenure, Pick ‘n Pay held a dominant position in the South African grocery market.
Summers is set to take the helm immediately and will relocate to South Africa in the coming weeks to analyze the business closely and engage with staff and customers.
The leadership transition comes during a particularly challenging period for Pick ‘n Pay, marked by a weak consumer environment, load-shedding costs, and heightened competitive intensity. The board of directors will look to Summers to guide the company through these challenges and restore its market position.
