BusinessDay reports that Pick n Pay has shown a vote of confidence in CEO Sean Summers’ turnaround efforts, officially handing him ownership of half of the four-million performance-based shares he was awarded last year.

The company said that two-million shares to the value of R56.6m vested at the end of October after two pillars of the turnaround strategy were successfully implemented. The pillars, including a new leadership and operational structure, form a part of the group’s multi-year plan to restore the struggling core Pick n Pay business back to profitability after it suffered billions in losses and a loss of market share. “The board views this vesting as an important milestone in the delivery of Pick n Pay’s turnaround plan, marking the achievement of foundational structural and leadership objectives that underpin the next phase of the multi-year strategy,” Pick n Pay said.

The remainder of the shares will vest upon completion of the strategy, which includes the development of a CEO succession plan and breakeven, which is expected by 2028. Summers earned a R25m basic salary with no additional benefits or short-term bonuses, according to the retailer’s annual report. Summers was brought back to the group from retirement to reassume the role of CEO in October 2023 under a three-year contract, which was recently extended to May 2028.

• Read the full original of the report in the above regard by Nompilo Zulu at BusinessDay (subscriber access only)
• Read too, Pick n Pay CEO secures R56million stake as shares vest, now the value hinges on a turnaround, at IOL Business

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