South African billionaire Raymond Ackerman, the founder of Pick n Pay, has passed away at the age of 92. The cause of his death was not disclosed in the company’s announcement.
In an email message, the company expressed deep sadness at the loss of the visionary entrepreneur.
“It is with profound sadness that we announce the death of visionary South African, and founder of Pick n Pay, Raymond Ackerman,” the company stated.
“He was an enduring optimist about South Africa’s future, and his passing leaves a great void for us all.”
Raymond Ackerman began his journey in the retail industry 56 years ago with just four stores, eventually transforming Pick n Pay into one of South Africa’s leading grocery retailers.
He had a solid reputation as a staunch opponent of supplier cartels in a variety of industries, including bread, gasoline, and cigarettes.
When Ackerman resigned in 2010, he gave his son Gareth the chairmanship. Pick n Pay had 402 supermarkets and 20 hypermarkets under management at the time, with a $2.60 billion ($50 billion) annual group sales.
In 2015, Ackerman’s net worth was estimated by Forbes to be over $500 million. Pick & Pay now operates more than 2,000 outlets across South Africa and seven other African nations, with an annual turnover of 106 billion rand.
Raymond Ackerman is survived by his wife, Wendy Ackerman, and their four children: Gareth Ackerman, Kathryn Robins, Suzanne Ackerman-Berman, and Jonathan Ackerman.