SPAR chair, deputy step down as company names interim chair

South African retailer SPAR Group Limited has announced the immediate resignation of independent nonexecutive chair Mike Bosman and deputy chair Shirley Zinn, as the company begins a formal process to reshape its board. 

Bosman and Zinn stepped down on Aug. 17, 2026, with the company saying both directors had separately concluded that their resignations were in the best interests of SPAR. 

Lwazi Koyana, an independent nonexecutive director and chair of the Risk Committee, has been appointed interim chair with immediate effect. He will also take over as chair of the Nominations Committee while SPAR searches for permanent board appointments.

Board succession begins 

The changes come after a period of significant work to strengthen SPAR’s governance and simplify the business. 

Bosman became chair in December 2022, when the retailer was dealing with governance concerns. He later served as executive chair from January to October 2023 following the retirement of former group CEO Brett Botten. 

Zinn joined the board in February 2023 and became deputy chair four months later. She also chaired the Remuneration Committee, where she helped introduce malus and clawback provisions and revised minimum shareholding requirements for executives. 

SPAR said both directors continued to have the board’s support and praised their contribution during a challenging period. 

“Under his chairmanship, the group’s governance, risk and control environment has strengthened, the portfolio simplified and operational continuity restored,” the company said of Bosman. It also noted his regular engagement with shareholders during his tenure. 

The board thanked Bosman and Zinn for their commitment and professionalism and wished them well in their future roles.

SPAR seeks new directors 

Koyana, a chartered accountant who has served on the SPAR board for more than seven years, will oversee the board while the succession process is completed. 

The Nominations Committee has started a formal search for additional nonexecutive directors using a defined skills matrix. SPAR said it is looking for candidates with experience in retail, independent retail and other relevant sectors. 

SPAR faces earnings pressure 

The SPAR Group board changes come as the retailer works through a period of financial and leadership pressure. 

SPAR reported revenue of R67.48 billion ($4.17 billion) for the six months ended March 27, 2026, compared with R66.08 billion ($4.08 billion) a year earlier. Profit after tax fell 64.1% to R291.7 million ($18 million) from R812.1 million ($50.2 million). 

The company also underwent a major executive leadership change earlier this year. Reeza Isaacs became group CEO on March 1, succeeding Angelo Swartz, who left after 19 years with SPAR. 

SPAR operates its brand across Southern Africa, Ireland, Switzerland and Poland, with a joint venture in Sri Lanka. Its distribution network supplies more than 4,500 stores, most of which are independently owned. SPAR continues to manage a large wholesale, warehousing and distribution operation serving independently owned stores across several markets. 

The immediate focus for SPAR is now on maintaining board stability while it identifies directors who can help guide the group through its next phase.