| Tue 8 Oct 2002, 17:02 | | Pick `n Pay Holdings Limited / Pick `n Pay Stores |
|
Pick `n Pay Holdings Limited / Pick `n Pay Stores Limited - Special Announcement
SPECIAL ANNOUNCEMENT
In 1995, Pick `n Pay began the process of restructuring the organization in line
with corporate governance trends both internationally and then locally. The
professional management of Pick `n Pay, the family shareholding and involvement
in the company and succession planning have been meticulously planned since
then.
In 1998, the roles of Chairman and Chief Executive were separated, in line with
the recommendations of the King Report on Corporate Governance. In 2001,
internal restructuring saw the appointment of Sean Summers as CEO, with Nick
Badminton as MD of Retail, Martin Rosen as MD of Group Enterprises and Aubrey
Zelinsky heading up the new Australian investment.
Raymond Ackerman has and will continue as full time Chairman of Pick `n Pay.
For the past three years, however, Raymond Ackerman has been without an
executive Deputy Chairman. The Pick `n Pay board has resolved that with
immediate effect, David Robins be appointed hands-on Deputy Chairman of Pick `n
Pay. While assisting the Chairman in his day-to-day work, he will retain
responsibility for Pick `n Pay`s African operations through his directorship of
Pick `n Pay Group Enterprises, and understudy the Chairman.
At the same time, Raymond Ackerman will relinquish the chairmanship of Pikwik
and Gareth Ackerman will take over as Pikwik chairman. Pikwik is the company
through which the Ackerman family holds its shareholding in Pick `n Pay Stores
Limited.
The Pick `n Pay board, excluding family members, has only two executive
directors, Sean Summers (CEO) and Dennis Cope (Financial Director) with the
balance being non-executive. Non-executive directors constitute the majority on
the board, as recommended by King.
Said Ackerman: "we have spent many years planning for the future. The process
started in 1995 and today, I am enormously pleased that we have in place a
professional, focused but family driven company that is in excellent shape, well
run, energetic and poised for significant future growth, with succession well in
place.
"With Sean as CEO, we unquestionably have the top man for the job who has and
will continue to deliver excellent results for the company and its shareholders.
With David as hands-on deputy chairman of Pick `n Pay, I believe we have a
person who understands and lives by Pick `n Pay`s culture, values and ethics,
and who will understudy me admirably. With Gareth as chairman of Pikwik, I feel
both satisfied and confident that the family`s interests in Pick `n Pay will be
served professionally and with commitment and dedication."
David, 48, has worked with Pick `n Pay for the past eight and a half years,
after enjoying a wide range of experience in the international business arena.
He is married to Raymond Ackerman`s elder daughter, Kathryn, and will be joining
the Pick `n Pay Stores Board with immediate effect.
Date: 08/10/2002 08:55:04 AM Produced by the JSE SENS Department
