SPAR shakes up board as chairman and deputy chair step down

Cape Town – SPAR Group chairman Mike Bosman and deputy chair Shirley Zinn have resigned from the retailer’s board, with immediate effect, as the company begins a process to appoint new non-executive directors and a permanent chairperson.

SPAR announced the changes in a JSE SENS statement on Monday, saying Bosman and Zinn had separately concluded that stepping down was in their own interests and those of the company.

“While Mr Bosman and Dr Zinn continue to have the full support of the Board, taking into consideration the context of the period that both these directors and the Board have recently experienced, Mr Bosman and Dr Zinn have separately concluded that stepping down and resigning from the Board is the right decision for them and in the best interest of the Company,” SPAR said.

Bosman was appointed chairman in December 2022, during a period of significant difficulty for the group following governance issues previously disclosed to shareholders. He also served as executive chairman from January to October 2023 following the retirement of the former group chief executive.

Board renewal

SPAR said Bosman had helped strengthen the company’s governance, risk and control environment, simplify its portfolio and restore operational continuity during his tenure.

The company also credited him with maintaining engagement with shareholders and investors throughout the retailer’s turnaround.

Zinn joined SPAR’s board as an independent non-executive director in February 2023 and became deputy chair in June of the same year.

As chair of the Remuneration Committee, she oversaw changes to remuneration governance, including the introduction of a malus and clawback policy for executive management and revised minimum shareholding requirements.

SPAR said Zinn also contributed to board renewal and initiatives focused on transformation, ethical conduct and inclusion.

The retailer said it had appointed independent non-executive director and Risk Committee chair Lwazi Koyana as interim chairman, effective immediately.

Direct retail

Koyana will serve in the role while the company conducts a permanent succession process led by the Nominations Committee.

The committee has also begun identifying and appointing new non-executive directors using a skills matrix focused on capabilities required to support SPAR’s strategy.

SPAR said the process would place particular emphasis on “direct retail, independent retailer and sector experience”.

The company will make further announcements once the succession process progresses, including the appointment of a permanent board chairperson.

Despite the leadership changes, SPAR said its strategic direction remained unchanged.

“The Group’s turnaround strategy and current guidance remain unaffected by these changes,” the company said.

The board also reaffirmed its support for Group CEO Reeza Isaacs, CFO Megan Pydigadu and the wider executive management team.

SPAR said it would also implement changes to its board committee structures with immediate effect, including new leadership of the Audit, Risk, Social, Ethics and Sustainability, Nominations and Remuneration committees.