Pick n Pay chair Gareth Ackerman will retire next year after 14 years at the helm of South Africa's third-biggest supermarket retailer.
The board will announce his successor later, the company said on Monday.
Earlier this year, new CEO Sean Summers announced a two-step recapitalisation plan including a rights issue to raise up to R4bn and the listing of its crown-jewel discount grocer Boxer to repay its ballooning R6.1bn debt.
The Ackerman family, which founded Pick n Pay and is its controlling shareholder, has given in-principle support for the proposed plan.
On Monday Pick n Pay said Ackerman Investment Holdings (AIH) would exercise its rights up to a maximum of R1.025bn in the offer.
At the same time, AIH and related people agreed to forgo majority shareholder voting control of Pick n Pay, such that their voting rights will fall slightly below 50% after the planned offer, the company added.
Reuters