Cape Town, March 11, 2010 - Raymond Ackerman, the founder and chairman of Pick n Pay, handed over the keys to his kingdom to his older son, Gareth, yesterday, his 79th birthday.

Ackerman senior said he was not keen to leave and would have liked to stay on until he was 84 or 85, but he had had advice from a similar American company and had been convinced that he should hand over the reins while he was still healthy and not be forced to quit in a crisis.

"Don't wait until your health fails," he was told. "Show confidence in handing over to your successors - it's good for the share price."

The Ackerman family sees difficulties ahead for family-owned stores. Said Gareth: "Changes in global governance militate against family ownership."

His father added that BEE rules made running a family business especially difficult in this country.   Times Live