Pick n Pay plans share award for CEO Sean Summers amid turnaround push  

South African retailer Pick n Pay plans to grant CEO Sean Summers additional shares under its restricted share plan as the supermarket group works to complete a multi-year turnaround of its struggling core business. 

The company’s remuneration committee said the proposed August award follows feedback from shareholders on the R100 million ($6.1 million) share incentive package approved for Summers in 2024, when he returned to lead the recovery of the business. 

The new award will place greater emphasis on financial targets linked to the successful execution of Pick n Pay’s recovery plan and the continued expansion of its discount retailer Boxer Superstores.

Shares tied to 2029 financial targets

Pick n Pay said the revised structure will focus on measurable business improvements rather than simply rewarding tenure. The company previously announced a one-year delay in reaching break-even, resulting in Summers forfeiting one million shares from the original incentive package. 

While the new shares will be issued under a separate restricted share plan, the retailer said the award effectively replaces the forfeited portion of the earlier incentive. 

About 65% of the new award will depend on Pick n Pay’s supermarket division achieving break-even, measured on a trading profit after leases basis, by the 2029 financial year. 

A further 35% will be linked to Boxer meeting its financial targets by the 2029 financial year, while environmental, social and governance (ESG) targets will account for 5%. 

The move comes as Pick n Pay continues to restructure its business after years of pressure from rising costs, stronger competition and weaker consumer spending in South Africa.

Summers returns to rebuild retailer 

Summers returned as CEO in October 2023 after the departure of Pieter Boone, bringing decades of experience at the retailer he first joined in 1974. 

He rose through the company’s ranks, becoming managing director in 1996 and chief executive in 1999. After leaving the role in 2007, Summers gained international retail experience before returning with extensive knowledge of Pick n Pay’s operations and Boxer, its fast-growing discount chain. 

In March 2026, Summers also took on the role of Boxer chairman following the exit of James Formby. 

Earlier in the year, Pick n Pay raised about $282 million through the partial sale of its Boxer stake, selling approximately 57.3 million shares, representing about 12.5% of the discount retailer. The transaction was aimed at strengthening the group’s balance sheet and supporting its turnaround efforts.

Boxer drives Pick n Pay recovery

Pick n Pay Stores Limited is relying on its discount retailer Boxer to revive growth as its core supermarket business faces pressure. The group operates more than 2,000 stores across Africa and remains South Africa’s second-largest supermarket chain behind Shoprite Holdings. 

Boxer delivered the strongest performance, with turnover rising 12.3% and trading profit increasing R330 million ($20.1 million) to R2.6 billion ($158.8 million), driven by demand for affordable groceries. 

By contrast, Pick n Pay’s traditional supermarket division reported a wider trading loss of R1 billion ($61.1 million) as the retailer closed weaker stores and reshaped its property portfolio. 

For the 52 weeks ended March 1, 2026, group turnover rose 1% to R120.3 billion ($7.35 billion), while headline loss narrowed to R386 million ($23.6 million). The board’s proposed share award for CEO Sean Summers reflects confidence in his turnaround plan.