End of a 38-year era for massive 3,500-store retailer in South Africa
The Foschini Group (TFG) has announced that its chairman of the board, Michael Lewis, will retire from his role at the end of the year.
Lewis has served on the company’s board since 1989, making his tenure as a director 38 years, and took on the position of chairman in June 2015.
“Mr Michael Lewis has advised the Board that after almost 38 years as a director, 11 of which have been as Chairman, he will retire as a director and Chairman of the Board with effect from 31 December 2026,” TFG said in its recent interim results.
“Mr Lewis has had a long association with the Group having served on the Board since 1989 and in the capacity as chairman since June 2015.”
Lewis will be succeeded by Alexandra Watson, an Emeritus accounting professor at the University of Cape Town (UCT).
Along with her professor position, Watson currently serves as a board member for the WWF, and as an independent, non-executive director of Advtech.
Previously, she served on the board of directors of Coronation Fund Managers and was the company’s chair from 2021 to 2025.
She was also a director of Steinhoff and Petra Diamonds, and currently chairs the Johannesburg Stock Exchange’s Financial Reporting Investigations Panel.
“The Board has elected Professor Alexandra Watson as its Chair with effect from 1 January 2027,” TFG said.
Lewis’ retirement was not the only change announced by the retailer, with Thabiso Madiba and Craig Butters being appointed as independent non-executive directors.
Madiba is a Chartered Accountant and is currently a senior lecturer at the University of Johannesburg and an audit partner at Barakabora Assurance.
He also serves on the boards of The Trevor Noah Foundation and Roedean School.
Butters is also a Chartered Accountant and has previously worked with Prudential Investment Managers and Brait Specialised Funds.
“He qualified at Ernst & Young, has experience in analysing companies across a broad range of industries, and has been involved in the management of several institutional and unit trust portfolios,” TFG said.
“The Board looks forward to welcoming Professor Watson, Mr Madiba and Mr Butters to the Group
and to their contributions to the Board.”
The changes come as TFG saw its sales decline in its last interim period, largely driven by poor performance in overseas markets.
The company largely attributed these challenges to global economic conditions, and said they were unlikely to improve in the short term.
“With higher fuel prices and the resumption of interest rate increases in South Africa and Australia, consumer confidence and spending are expected to remain constrained for the foreseeable future across all three territories,” it said.
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