SPAR snaps up top Woolworths director

SPAR has appointed former Woolworths’ financial head Moegamat Reeza Isaacs as its new Group Chief Financial Officer.

The appointment follows former CFO and board executive director Mark Godfrey’s decision to retire, effective 31 December 2024.

Isaacs has been named as CFO Designate with effect from 1 November 2024 and as CFO and Executive Director of the Board with effect from 1 January 2025.

Isaacs holds a BCOM PGDA degree from the University of Cape Town and is a qualified Chartered Accountant.

He was formerly the Group Finance Director of Woolworths Holdings Limited and a board member for ten years from 2013 to 2023.

He is currently a member of the Council and Chair of the University of Cape Town Finance Committee.

In April 2024, he was also appointed an independent non-executive director of Hyprop Investments Limited and a member of its Audit Committee.

Isaacs was formerly a partner at Ernst & Young Incorporated (‘EY’) and the Regional Senior Partner for EY Western Cape.

“Mr Isaacs has strong strategic and operational finance experience that will add considerable value to the company,” said SPAR.

“The Board would like to congratulate Mr Isaacs on his appointment and looks forward to the contribution that he will bring to the Company.”

Isaacs takes over during a period of major change for SPAR.

The group is selling its Polish business and has completed a strategic review of its Swiss business as it reviews its positioning in the European market.

In a trading update for the 47 weeks to 23 August 2024, SPAR said it was its Polish business for R185 million to Polish retailer Specjal as part of its turnaround plan. However, it will need to pay R2.7 billion to recapitalise the company.

The group said that the deal to sell its Polish business removes the loss-making business from the balance sheet and allows SPAR to focus resources on its core business in South Africa.

According to the trading update, group turnover from continuing operations increased by 4.1%.

In Southern Africa, total sales jumped by 3.5%, showing varied performances across the business units.

“Our focus remains on returning the SA business to a 3% operating profit margin by the end of the 2026 financial year, and we are in the process of reviewing our target operating model with a view to maximising value,” said Group CEO Angelo Swartz in the trading update.

“The SPAR brand is the second biggest grocery offering in South Africa and remains the core of our operations and primary focus. We saw total retail growth to the end of August 2024 of 6.1% (5.7% like-for-like), showing the strength and resilience of the brand.

“We are optimistic about the months to come as we continue to grow our business while contributing to the transformation of the economy.”

SPAR’s financial results for the year ending 30 September 2024 will be released on SENS on roughly 28 November 2024.

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