Spar Group appoints Lwazi Koyana interim chairman after board shake-up

Mike Bosman was appointed chairman in December 2022. Image supplied

The leadership changes come as Spar continues its focus on strengthening governance, improving retailer profitability and driving operational performance under Group CEO Reeza Isaacs.

The board said both Bosman and Zinn continue to have its full support, but that they had separately concluded that stepping down was the right decision for them and in the best interests of the company, taking into account the recent period experienced by the directors and board.

Bosman was appointed chairman in December 2022, during a particularly challenging period for Spar following previously reported governance issues.

He subsequently served as executive chairman from January to October 2023 following the retirement of the Group's former CEO, providing leadership continuity during the transition.

During his tenure, Spar said its governance, risk and control environment was strengthened, its portfolio simplified and operational continuity restored. Bosman also maintained engagement with shareholders and investors throughout his chairmanship.

Zinn joined Spar's board in February 2023 and became deputy chair in June that year. As chair of the Remuneration Committee, she played a key role in strengthening remuneration governance, including the introduction of a malus and clawback policy for executive management and revised minimum shareholding requirements.

Dr Shirley Zinn joined Spar's board in February 2023 and became deputy chair in June that year. Image supplied

She also served on the Nominations and Social, Ethics and Sustainability Committees, contributing to board renewal and initiatives focused on transformation, ethical conduct and inclusion.

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Interim chairman appointed

Spar has appointed Lwazi Koyana as interim independent non-executive chairman with immediate effect.

Spar Group has appointed Lwazi Koyana as interim independent non-executive chairman with immediate effect. Image supplied

Currently an independent non-executive director and chair of the Risk Committee, Koyana is a chartered accountant with experience spanning finance, governance, risk and entrepreneurship. He has also served on the Spar board for more than seven years.

The company said his experience and familiarity with Spar position him to provide continuity as the board navigates the transition.

The Nominations Committee has begun a formal process to identify successors to Bosman and Zinn, including candidates with relevant retail experience.

Executive team and strategy remain unchanged

Spar's executive leadership remains in place under Isaacs, with the company continuing to prioritise retailer profitability, wholesale and distribution performance and the development of its independent retail model.

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Key priorities include stronger procurement and pricing, improved brand and marketing effectiveness, distribution execution and greater support for retailers to manage costs and improve profitability.

Spar is also continuing to invest in retail technology, digital and convenience capabilities as part of its broader strategy to create sustainable value for employees, customers and communities.

The group reiterated its commitment to its voluntary trading model and to working with its Guild retailers as it moves through the board leadership transition.

Support from The Spar Guild of Southern Africa

The Spar Group and the retailers of the Guild of Southern Africa confirm their commitment to working together in support of the business. Both parties are focused on building confidence in Spar among retailers, employees, suppliers, customers and shareholders, and on giving the executive team the platform to deliver.