James Formby, chair of Pick n Pay, has been appointed lead independent director of Vukile Property Fund, strengthening the governance of one of South Africa’s largest retail-focused real estate investment trusts.

Formby, who already serves on Vukile’s board, will succeed Renosi Mokate when the appointment takes effect after the company’s annual general meeting in September 2026.

He will continue as chair of Vukile’s remuneration and human capital committee and remain a member of its audit and risk committee.

The role of lead independent director is designed to strengthen board oversight, help manage potential conflicts of interest and safeguard the interests of minority shareholders.

Vukile expands European property footprint

Vukile, South Africa’s third-largest listed REIT, manages property assets worth about R64 billion ($3.8 billion). Nearly two-thirds of its portfolio and net property income now come from Spain and Portugal through its majority-owned subsidiary, Castellana Properties. The company has also expanded into Italy, adding to its European retail property portfolio.

Long career in banking and boardrooms

Formby became chair of Pick n Pay in 2025, succeeding Gareth Ackerman, the son of founder Raymond Ackerman.

He also chaired the board of Boxer when the retailer listed on the Johannesburg Stock Exchange in November 2024. He stepped down as chair in February 2026, handing the role to Pick n Pay CEO Sean Summers, while remaining a non-executive director.

Before moving into board leadership, Formby spent 25 years at Rand Merchant Bank, including seven years as chief executive from 2015 to 2022. After joining the bank in 1997, he held senior positions across corporate finance, investment banking and client coverage, advising on mergers and acquisitions, initial public offerings, debt restructurings, disposals and broad-based black economic empowerment transactions.

He joined the board of PIK Group in October 2022 and became its lead independent director in July 2023. He also served as a director of Vukile Property Fund and Nimble Group.

Formby holds an MPhil in Management Studies from the University of Cambridge and is a Chartered Accountant (South Africa).

Vukile posts strong annual results

Vukile reported profit of R5.74 billion ($341.6 million) for the year ended March 31, 2026, up nearly 79% from R3.21 billion ($191 million) a year earlier.

Gross property revenue increased 32.8% to R5.84 billion ($347.6 million), supported by resilient retail trading, contributions from its European assets and steady occupancy across the portfolio.