SPAR in hot water
SPAR’s recent boardroom battles and challenges in its turnaround strategy have led to the retail giant’s share price more than halving since the start of the year.
On 2 January 2026, the group’s share price was R94.92 and fell to R41.00 by the close of trading on 18 August.
This represents a 56.8% drop in the share price since the start of the year, with the largest decline in February following the announcement of the group CEO’s resignation.
Angelo Swartz joined SPAR in 2023, was held in high regard by many of the group’s shareholders, and was a key figure in the company’s turnaround efforts.
He was responsible for the group ceasing operations in several overseas markets, including Switzerland and Poland, helping reduce debts.
In February, SPAR issued a notice to shareholders stating that Swartz would resign as CEO of the group at the end of the month.
Following the resignation, Reeza Isaacs took the helm as CEO, continuing the company’s turnaround efforts.
Swartz is not the only high-profile resignation the company has seen in recent years, as issues at the highest level have plagued the retail giant.
The group has seen a revolving door of executives since 2022, when its non-executive chairman, Graham O’Connor, resigned.
His resignation came amidst accusations of financial misconduct and governance concerns, and he was replaced by Mike Bosman.
Bosman would also serve as the executive chairman of the group for a short period in 2023, following the retirement of Brett Botten, SPAR’s former CEO.
Later in 2023, the group attempted to implement new SAP supply chain management software in its distribution centre in KwaZulu-Natal.
The implementation was disastrous and led to the resignation of SPAR’s Chief Information Officer, Mark Huxtable.
The most recent resignations occurred on 17 August 2026, when Bosman and deputy chair Shirley Zinn announced their retirements.
These recent resignations caused another drop in share prices, with the price declining by approximately 9% from the opening on 17 August to the close on 18 August.
SPAR currently has a market cap of approximately R8 billion, down significantly from the company’s value at the start of the year.
Silver lining for retailers
Despite the hit to share prices, Mike Bosman’s resignation might be seen as a welcome sight by many of SPAR’s retailers.
The group has a unique operating style when compared to other popular retailers, with stores operating independently.
While other retailers require store owners to stock specific products and adhere to predetermined management principles, SPAR owners have much more freedom.
These owners are a part of the SPAR guild, which called for Bosman’s resignation in May over concerns about management failures.
The guild said that there had been a serious loss of confidence in Bosman and that his tenure as chairman could not continue.
Protea Capital Management CEO Jean Pierre Verster spoke on BusinessDay TV’s stock watch about the relationship between SPAR and its retailers.
“Their retail partners, who they should support, have been very unhappy with what they’ve done with their position in the chain,” he said.
“A lot of the guild members and retailers will not be too displeased with the chairman and deputy chairman stepping down.”
SPAR’s retailers have been under pressure in recent years, with many stores struggling to stay profitable amidst supply challenges.
The group is currently facing litigation over the failed implementation of the SAP system in its KZN distribution centre.
This implementation was a considerable challenge for the group’s retailers, who struggled to receive goods for their stores.
News that SPAR was facing legal action came around the same time as the announcement of Swartz’s resignation, with investors not taking kindly to either.
At the start of February, the group was trading at a share price of R88.80, which dropped to R69.80 on the final day of that month.
This represents a 21.4% reduction in the share price over one month, with the price reaching its lowest point that month at R66.97.
MP9 Chief Investment Officer Aheesh Singh also spoke to BusinessDayTV, and said that, “clearly, SPAR needs to do something to stabilise the ship.”
“Hopefully, they find the right people who can point them in the right direction strategically”.
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