JOHANNESBURG, May 27 (Reuters) - South Africa's Pick n Pay's chairman Gareth Ackerman will retire from his role next year after 14 years at the helm of the country's third-biggest supermarket retailer.

The Board will announce his successor in due course, 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 4 billion rand ($217.27 million) and the listing of its crown jewel discount grocer Boxer in order to repay all of its ballooning 6.1 billion rand of 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 amount of 1.025 billion rand in the offer.

At the same time, AIH and related persons agreed to forego 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. ($1 = 18.4103 rand) (Reporting by Nqobile Dludla; Editing by Kirsten Donovan)