Pick n Pay chairman gets a new job
James Formby, the chairperson of Pick n Pay, has been named as the lead independent director of Vukile Property Fund.
Formby was already on Vukile’s board and will take over as lead independent director from Dr Renosi Mokate at the group’s AGM in September 2026.
Formby will retain current committee memberships at Vukile, being chairperson of the remuneration and human capital committee and a member of the audit and risk committee.
Vukile is one of the largest REITs listed on the JSE with a primary focus on retail. The company primarily owns properties in Spain, Portugal and South Africa, and recently expanded into the Italian market.
In addition to his work with Vukile, Formby has been chairman of Pick’n Pay since 2025, succeeding Gareth Ackerman, son of founder Raymond Ackerman.
Formby was also the Chair of the Boxer Board when it listed on the JSE in November 2024. He handed the role over to Pick n Pay CEO Sean Summers in February 2026, but remains on the board.
He was previously the CEO of Rand Merchant Bank (RMB), a position he held from 2015 to 2022.
He joined RMB in 1997 and held several high-level executive positions, including Head of RMB Corporate Finance, Deputy Head of Investment Banking, and Head of Client Coverage.
He holds an MPhil in Management Studies from the University of Cambridge and is a Chartered Accountant (SA).
His new independent role on the Vukile Board is incredibly important, as Formby will need to mitigate conflicts of interest and protect the interests of minority shareholders.
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