Raymond Ackerman, Founder of Pick n Pay, Passes Away at 92

Forbes estimated his net worth at around $500 million in 2015.

South African billionaire and founder of Pick n Pay, Raymond Ackerman, has passed away at the age of 92.

NAIROBI, KENYA | NOW THEN DIGITAL — Raymond Ackerman, the founder of Pick n Pay and a South African billionaire, has died at 92. The cause of death was not disclosed.

Pick n Pay founder Raymond Ackerman dies — The cause of his death was not disclosed in the company’s statement.

Pick n Pay expressed deep sadness at his passing, describing him as a visionary entrepreneur who was optimistic about South Africa’s future.

“It is with profound sadness that we announce the death of visionary South African, and founder of Pick n Pay, Raymond Ackerman,” the statement reads in part.

“He was an enduring optimist about South Africa’s future, and his passing leaves a great void for us all.”

Ackerman started in retail 56 years ago with four stores, turning Pick n Pay into a leading grocery retailer. He was known for fighting supplier cartels.

In 2010, he retired, passing responsibilities to his son, Gareth, as Pick n Pay operated 20 hypermarkets and 402 supermarkets in South Africa with a turnover of nearly 50 billion rand ($2.60 billion).

Forbes estimated his net worth at around $500 million in 2015. Today, Pick n Pay has an annual turnover of 106 billion rand, operating over 2,000 stores across South Africa and seven other African countries.

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Raymond Ackerman is survived by his wife, Wendy Ackerman, and their four children: Gareth, Kathryn, Suzanne, and Jonathan.

His legacy as a consumer advocate and entrepreneur continues to impact the retail industry in South Africa and beyond.

With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away.
A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa.🇿🇦 pic.twitter.com/Io0uunYhAJ

— Pick n Pay (@PicknPay) September 7, 2023