SPAR Group has announced significant changes to its board leadership, with chairman Mike Bosman and deputy chair, Dr Shirley Zinn stepping down from their roles as independent non-executive directors with immediate effect.
The top board leadership change comes in a year in which the grocery retailer saw its chief executive officer and executive director, Angelo Swartz, stepping down on February 28, 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.
In a statement to shareholders published on Stock Exchange News Service on Monday, the retailer said both directors had independently concluded that resigning from the board was in the best interests of the company, despite continuing to enjoy the full support of fellow directors.
Bosman departs after playing a pivotal role in guiding the group through one of the most challenging periods in its history. Appointed chairman in December 2022 amid governance concerns previously disclosed to shareholders, he later assumed executive responsibilities as executive chairman following the retirement of the group’s chief executive officer in January 2023.
He served in that capacity until October 2023, providing leadership continuity during a period of uncertainty.
The board credited Bosman with helping strengthen SPAR’s governance, risk and control environment, simplifying the group’s portfolio and restoring operational stability.
Directors also highlighted his commitment to engaging openly with shareholders and investors throughout his tenure.
Read more: Retail group Spar CEO Angelo Swartz steps down
Zinn joined the board in February 2023 and was appointed deputy chair four months later. As chair of the remuneration committee, she led efforts to enhance remuneration governance, including the introduction of a malus and clawback policy for executive management and revised minimum shareholding requirements.
Her contributions also extended to the nominations committee and the social, ethics and sustainability committee, where she supported board renewal initiatives and championed transformation, ethical conduct and workplace inclusion.
“The board thanks them both for their dedication, professionalism, and the meaningful legacy of their service, and wishes them well in their future endeavours,” the company said.
Interim chairman appointed
To ensure leadership continuity, the board has appointed Lwazi Koyana, an independent non-executive director and risk committee chair, as interim chairman, effective August 17. He will serve in the role while the company undertakes a formal succession process to identify a permanent chairperson.
The board’s nominations committee has already begun the search for new non-executive directors, using a defined skills matrix aligned to the company’s strategic objectives. SPAR said the recruitment process would focus particularly on candidates with direct retail, independent retailer and broader sector experience.
Further announcements regarding board appointments and the permanent chairperson position will follow once the process has concluded.
Committee changes take effect
The company also outlined a reshuffle of its board committee memberships following the departures.
Funke Ighodaro will chair both the audit and risk committees, while Sundeep Naran will chair the social, ethics and sustainability committee. Koyana will lead the nominations committee, and Liesbeth Botha will chair both the remuneration committee and the business transformation committee.
Strategy Remains Unchanged
Despite the boardroom changes, SPAR emphasised that its strategic direction remains unchanged. The board reaffirmed its full support for group chief executive officer Reeza Isaacs, group chief financial officer Megan Pydigadu, and the broader executive team.
“The group’s turnaround strategy and current guidance remain unaffected by these changes,” the company said, signalling continuity in leadership and execution as it continues its transformation programme.
- SPAR Group's chairman Mike Bosman and deputy chair Dr Shirley Zinn resigned as independent non-executive directors with immediate effect.
- Mike Bosman was appointed chairman in December 2022, served as executive chairman until October 2023, and is credited with strengthening governance and stabilizing operations.
- Dr Shirley Zinn joined the board in February 2023, was appointed deputy chair in June, and led remuneration governance improvements including malus and clawback policies.
- Lwazi Koyana, an independent non-executive director and risk committee chair, has been appointed interim chairman effective August 17 amid a formal succession process.
- Despite board changes, SPAR confirmed its strategic direction remains unchanged and reaffirmed support for CEO Reeza Isaacs, CFO Megan Pydigadu, and the executive team.
