Ackerman family relinquishes control of Pick n Pay, South Africa's third-largest grocer by revenue.

The Ackerman family is relinquishing control of Pick n Pay, South Africa's third-largest grocer by revenue. The family's investment-holding company, Ackerman Investment Holdings (AIH), will forgo majority shareholder voting control and follow its rights up to a maximum of 1.025 billion rand ($217m) in a 4 billion-rand rights offer. Gareth Ackerman, who has been the chairman for 14 years, will retire next year as the company focuses on restoring core Pick n Pay supermarket business profitability.