Local grocery retailer Spar chief executive officer and executive director, Angelo Swartz, has resigned after nearly two decades with the company.
This has led to an executive overhaul in the group and an addition of a managing director position.
The resignation will be effective from February 28. However, the company said he will remain available for three months for the transition period. His position will be taken over by the current chief financial officer Reeza Isaacs from March 1.
Spar chairperson Mike Bosman said the business should continue from the progress made by Swartz during his tenure. And it will continue to execute its strategic priorities.
Impeccable service at retailer
“On behalf of the Board, I thank Angelo for his leadership and long-standing service at Spar. He has been an integral part of Spar for 19 years and has led the group with commitment and integrity during a period of significant complexity and change.
“The board is deeply appreciative of his leadership and the achievements under his tenure. We respect his decision. And we thank him for the constructive and principled manner in which this transition has been undertaken,” said Bosman.
Swartz started his journey with Spar as a project manager in 2007. He accelerated to various high-ranking managerial positions before he was appointed CEO in 2023.
According to the board, Isaacs was trusted to take up the position after stabilising the financial position and enforcing capital discipline.
Continuing growth momentum
They also believe that his retail experience and institutional knowledge, among others, will ensure that the group maintains its growth momentum.
Current chief operating officer (COO) Megan Pydigadu will take up the CFO position.
“To enhance execution in the group’s main Southern Africa business, the Board has decided to establish a dedicated managing director position for the groceries and liquor segment.
“This new role will deliver targeted operational leadership for the Group’s key value-generating segment. And will reinforce accountability in driving performance improvements,” the board said.
