SPAR has announced that its chairman, Mike Bosman, and deputy chair, Shirley Zinn, have resigned from the retail group, effective Monday, 17 August.<\/p>\n\n\n\n
The resignations follow the “context of the period that both directors and the Board have recently experienced,” according to a statement from SPAR.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Bosman has served as the chairman of the retail giant since December 2022, following reported governance issues within the group.<\/p>\n\n\n\n
He then served as SPAR’s executive chairman from January 2023 till October 2023, to provide continuity in leadership for the group.<\/p>\n\n\n\n
Along with SPAR, Bosman has served in several executive roles, including as the non-executive chairman of the Spur Corporation.<\/p>\n\n\n\n
He is also currently the non-executive chairman of Vinimark, a major wholesale wine company based in Stellenbosch.<\/p>\n\n\n\n
SPAR said that Bosman’s chairmanship strengthened the business by improving risk and control management and renewing operational continuity.<\/p>\n\n\n\n
“Under his chairmanship, the Group\u2019s governance, risk and control environment strengthened, the portfolio was simplified, and operational continuity was restored,” the group said.<\/p>\n\n\n\n
Zinn joined SPAR in February 2023 and was appointed as deputy chair in June 2023, playing a central role in the company’s governance.<\/p>\n\n\n\n
“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.<\/p>\n\n\n\n
Following the resignation of both senior executives, the company has appointed Lwazi Koyana as interim chairman.<\/p>\n\n\n\n
Koyana is a chartered accountant and serves in several roles, including CEO of Capital Advisors and chairman of Steve Biko Academic Hospital.<\/p>\n\n\n\n
“A highly respected business leader and Chartered Accountant, Koyana brings deep expertise across finance, governance, risk and entrepreneurship,” SPAR said.<\/p>\n\n\n\n
Along with the appointment of an interim chairman, the group has confirmed that the appointment process for replacements has started.<\/p>\n\n\n\n
Despite the resignations, SPAR noted that its executive team remains led by CEO Reeza Isaacs and will not change its current business goals.<\/p>\n\n\n\n
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\u2019s independent retail model.”<\/p>\n","protected":false},"excerpt":{"rendered":"
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