Spar Group is facing a significant leadership shake-up after its chair and deputy chair resigned with immediate effect.
The retailer confirmed that Mike Bosman had stepped down as chair, while Shirley Zinn had resigned as deputy chair and independent non-executive director.
Lwazi Koyana has been appointed interim chair while Spar begins its search for a permanent replacement.
Senior leadership changes at Spar
The simultaneous departure of the group’s two most senior board figures creates an unusual period of leadership turnover for one of South Africa’s largest retail groups.
It follows the departure of former CEO Angelo Swartz in February after almost two decades with the company.
Spar has not indicated when it expects to appoint a permanent chair.
Tensions with independent retailers
The resignations follow months of tension between Spar’s board and some independent retailers.
In June, the group publicly backed Bosman and dismissed complaints against him as “baseless, vexatious, malicious and without merit”.
Zinn later said the board had full confidence in Bosman while an independent committee was being established to examine concerns raised by retailers.
Spar’s announcement did not directly link the resignations to those disputes. The company said both directors had separately concluded that stepping down was in their own and the group’s best interests.
Bosman and Zinn provided more detail in a separate joint statement. They said they had faced sustained personal attacks, hostility and, at times, threats from certain current and former Spar retailers and former employees.
They said a line had been crossed that made their continued involvement untenable.
Governance concerns add to financial pressure
For investors, the departures introduce another governance concern at a time when Spar is already under financial pressure.
The retailer’s share price has fallen from approximately R165 in December 2022, when Bosman became chair, to about R43.
Debt remains above R7 billion, while headline earnings per share declined by 53% in Spar’s most recent interim results.
The leadership changes also come as South Africa’s grocery retailers face intense competition, making operational consistency and effective execution increasingly important.
Attention will now turn to Koyana’s interim leadership, continuity at board level and how quickly Spar can establish a permanent leadership structure.
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