End of an era for SPAR
SPAR has announced that its chairman, Mike Bosman, and deputy chair, Shirley Zinn, have resigned from the retail group, effective Monday, 17 August.
The resignations follow the “context of the period that both directors and the Board have recently experienced,” according to a statement from SPAR.
In its most recent interim financial results for the period ended 27 March, SPAR reported modest increases in revenue and a 53% decrease in HEPS.
Bosman has served as the chairman of the retail giant since December 2022, following reported governance issues within the group.
He then served as SPAR’s executive chairman from January 2023 till October 2023, to provide continuity in leadership for the group.
Along with SPAR, Bosman has served in several executive roles, including as the non-executive chairman of the Spur Corporation.
He is also currently the non-executive chairman of Vinimark, a major wholesale wine company based in Stellenbosch.
SPAR said that Bosman’s chairmanship strengthened the business by improving risk and control management and renewing operational continuity.
“Under his chairmanship, the Group’s governance, risk and control environment strengthened, the portfolio was simplified, and operational continuity was restored,” the group said.
Zinn joined SPAR in February 2023 and was appointed as deputy chair in June 2023, playing a central role in the company’s governance.
“The Board thanks them both for their dedication, professionalism, and the meaningful legacy of their service, and wishes them well in their future endeavours,” SPAR said.
Following the resignation of both senior executives, the company has appointed Lwazi Koyana as interim chairman.
Koyana is a chartered accountant and serves in several roles, including CEO of Capital Advisors and chairman of Steve Biko Academic Hospital.
“A highly respected business leader and Chartered Accountant, Koyana brings deep expertise across finance, governance, risk and entrepreneurship,” SPAR said.
Along with the appointment of an interim chairman, the group has confirmed that the appointment process for replacements has started.
Despite the resignations, SPAR noted that its executive team remains led by CEO Reeza Isaacs and will not change its current business goals.
The group said that it “will continue to focus on restoring retailer profitability, strengthening wholesale and distribution performance and unlocking the full potential of SPAR’s independent retail model.”
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