South Africa, May 22 -- Appointment of new chair

The board has confirmed that James Formby, former CEO of Rand Merchant Bank, who is currently serving as lead independent director, will succeed Ackerman as chair of the board, effective from the conclusion of the Annual General Meeting on 5 August 2025.

At that time, Formby 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.

Formby joined the board in October 2022, following his retirement as CEO of Rand Merchant Bank. Formby was then appointed as lead independent director in July 2023 and has since played a key role in guiding the Pick n Pay turnaround strategy ...