Pick n Pay Stores Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1968/008034/06)
JSE share code: PIK
ISIN: ZAE000005443
(“Pick n Pay” or “the Group”)

CHANGES TO THE BOARD OF DIRECTORS AND EXTENSION OF CEO CONTRACT

In line with its commitments to shareholders in May 2024, and in compliance with paragraph 3.59(a) of
the Listings Requirements of the JSE Limited, the Group is pleased to announce the following changes to
the board of directors of Pick n Pay (“the Board”).

APPOINTMENT OF NEW CHAIR

In May 2024, Gareth Ackerman announced his intention to retire and to step down as Chair of the Board,
following the release of the Group’s 2025 financial results. The Board is pleased to confirm that James
Formby, currently serving as Lead Independent Director, will succeed Gareth as Chair of the Board,
effective from the conclusion of the Annual General Meeting on 5 August 2025.

At that time, James will step down as a member of the Audit, Risk and Compliance Committee. He will
also step down as Chair of the Finance and Investment Committee at the end of the financial year.
James joined the Board in October 2022, following his retirement as CEO of Rand Merchant Bank. James
was appointed as Lead Independent Director in July 2023 and has since played a key role in guiding the
Pick n Pay turnaround strategy and in overseeing the successful execution of the Group’s two-step
Recapitalisation Plan. The Board welcomes his appointment and looks forward to his continued
leadership. James currently serves as the non-independent Chair of Boxer Retail Limited, the Group’s
65.6% held subsidiary. In consultation with the Board of Directors of Boxer (“the Boxer Board”), James
has indicated that he intends to step down as Chair of Boxer at the end of the FY26 financial year. The
Boxer Board has resolved that Sean Summers will be appointed Chair of Boxer at that time. Shareholders
are referred to the Boxer SENS announcement in this regard.
The Board extends its sincere thanks to Gareth Ackerman for his dedicated service as Chair of the Board
over the past 15 years. Gareth’s tenure spanned a period of considerable change and disruption in the
retail sector, including a highly competitive trading environment, the unprecedented challenges of the
COVID-19 pandemic, changes in executive leadership and the centralisation of the Group’s supply chain.
Under his principled leadership, the Group navigated these complexities with resilience and integrity.
Gareth was instrumental in securing the return of Sean Summers as CEO—an important milestone in
restoring Pick n Pay to its rightful place in the South African retail sector.
Gareth will remain on the Board as a non-independent non-executive director. He will continue to serve
on the Remuneration Committee and will join the Finance and Investment Committee.

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board is pleased to announce the appointment of Ms Pooven Viranna as an independent non-
executive director and a member of the Audit, Risk and Compliance Committee, with effect from 1 June
2025.
Pooven holds a Bachelor of Commerce degree and a Postgraduate Diploma in Accountancy from the
University of Natal. She is a qualified Chartered Accountant (SA). She brings more than two decades of
executive and financial leadership experience across diverse sectors, including telecommunications, fast-
moving consumer goods (FMCG), healthcare, technology and financial services. Pooven has also
previously served as a member of the Accounting Practices Committee of the South African Institute of
Chartered Accountants (SAICA). She currently serves as a non-executive director of Evolution Credit,
where she chairs the Audit Committee, and as a non-executive director and Audit Committee member of
Oceana Group Limited. Pooven brings deep expertise in financial governance, business transformation
and board-level oversight. The Board welcomes her appointment and looks forward to the contribution
she will make to the Group.

RETIREMENT OF LONG-SERVING INDEPENDENT NON-EXECUTIVE DIRECTOR
David Friedland will retire as an independent non-executive director and member of the Audit, Risk and
Compliance and Finance and Investment Committees, with effect from the 2025 AGM. The Board extends
its sincere appreciation to David for his ten years of dedicated service to the Group and, in particular, for
his outstanding contribution to the Audit, Risk and Compliance Committee. David’s deep expertise in
technical accounting standards, risk governance and compliance has been a significant asset to the Group.

NEW CHAIR OF THE SOCIAL, ETHICS AND TRANSFORMATION COMMITTEE
In support of the Group’s efforts to strengthen the independence of Board committees, Suzanne
Ackerman has elected to step down as Chair of the Social, Ethics and Transformation Committee (SETC).
Suzanne will remain a valuable member of the SETC, with the role of Chair being assumed by independent
non-executive director, Haroon Bhorat, effective 26 May 2025.

The Board remains committed to ongoing renewal and intends to onboard additional independent non-
executive directors over the coming months to further strengthen its composition and governance in
support of the Group’s strategic turnaround and long-term value creation.

EXTENSION OF CEO CONTRACT
The Board is pleased to announce that CEO Sean Summers has extended his contract with the Group and
will continue in his role until May 2028. This extension ensures continuity and stability in the leadership
team during a period of significant strategic transformation. It also allows for a considered and deliberate
succession process, including a comprehensive handover period in due course.
Under Sean’s steady and decisive leadership, the Group has stabilised, executed a successful
recapitalisation and begun implementing a clear and actionable turnaround plan. His leadership has
enabled a renewed focus and alignment across the exectuive team. The Board is pleased that Sean
remains committed and energised to continue leading the Pick n Pay turnaround and looks forward to his
ongoing leadership over the coming three years.


By order of the Board
Cape Town
21 May 2025

Sponsor:
RAND MERCHANT BANK (A division of FirstRand Bank Limited)