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Gareth Ackerman to step down as Pick n Pay chairman in August, marking end of Ackerman family’s majority control. Ackerman’s father, Raymond, founded the retail giant. Gareth took over as chairman in 2010. After financial turmoil, group issued R4 billion rights offer, reducing family’s voting rights from 52% to 49%. Ackerman family relinquishes control after 57 years. Gareth to retire from board in 2024.
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