Johannesburg – In a significant leadership shift, Spar Group informed shareholders on Monday, 17 August 2026, that Chairman Mike Bosman and Deputy Chair Dr. Shirley Zinn have both tendered their resignations, which take effect immediately on that date.
Bosman has resigned from his role as an independent non-executive director and Chairman of the Board, effective from 17 August 2026.
In addition, shareholders are notified that Dr. Shirley Zinn has also stepped down as an independent non-executive director and Deputy Chair of the Board, with the same effective date.
In light of these departures, the Board confirmed that the resignations were amicable and reached through mutual agreement: “While both Mr. Bosman and Dr. Zinn continue to have the full support of the Board, they have each determined, in light of the recent challenges faced, that resigning is the appropriate decision for them and serves the best interests of the Company.”
Bosman’s Tenure and Legacy
Appointed as Chairman in December 2022, Bosman took on this role during a particularly turbulent period for the Group, marked by serious governance concerns previously communicated to shareholders.
Following the retirement of the former Group Chief Executive Officer in January 2023, Bosman agreed to serve as Executive Chairman until October 2023, ensuring stability in leadership during a critical transition period with a high level of personal commitment.
The company noted that during his chairmanship, the Group has seen enhancements in governance, risk management, and control frameworks, a streamlined portfolio, and restored operational continuity.
Throughout his tenure, Bosman prioritized transparency with shareholders, making himself consistently available for communication.
“His calm, ethical, and accountable approach during a challenging time for the Group has been valued by his fellow directors, shareholders, and investors,” stated the company.
Zinn’s Contributions to Governance and Transformation
Dr. Zinn became part of the Board as an independent non-executive director in February 2023 and was appointed Deputy Chair in June 2023.
As Chair of the Remuneration Committee, she significantly improved the Group’s remuneration governance and led the introduction of a malus and clawback policy for executive management, coupled with a revised minimum shareholding requirement to ensure alignment with shareholder expectations and market norms.
The company further highlighted that through her involvement in the Nominations and Social, Ethics, and Sustainability Committees, she made noteworthy contributions to the Board renewal process while advocating for transformation, ethical practices, and inclusion, driving initiatives that foster a more inclusive workplace.
The Board expressed gratitude, stating: “We thank both of them for their commitment, professionalism, and the substantial legacy of their service and wish them success in their future endeavors.”
Interim Chairman Appointed
To ensure continuity, the Board has appointed Lwazi Koyana, an independent non-executive director and Chair of the Risk Committee, as Interim Chairman of the Board effective from 17 August 2026, while the Nominations Committee conducts a process for permanent succession.
The Nominations Committee is in the early stages of identifying and appointing new non-executive directors to the Board, guided by a defined skills matrix that reflects the specific competencies needed to meet the Group’s strategic objectives.
This process particularly emphasizes expertise in direct retail, independent retailing, and sector knowledge. Further updates will be provided as the process advances, including information concerning the appointment of the permanent Board Chairperson.
Revised Committee Compositions
In response to the recent changes, the structure of the Board Committees has been reorganized as of 17 August 2026.
Funke Ighodaro will now chair both the Audit and Risk Committees, while Sundeep Naran has taken on leadership of the Social, Ethics, and Sustainability Committee.
Lwazi Koyana will lead the Nominations Committee, and Liesbeth Botha will chair both the Remuneration and Business Transformation Committees, supported by a blend of independent non-executive and executive directors.
Strategy and Executive Team Remain on Track
Despite these prominent departures, the Board has promptly reassured investors, stating: “The Board fully reaffirms its unwavering support for Group Chief Executive Officer Reeza Isaacs, Group Chief Financial Officer Megan Pydigadu, and the executive team.
“The Group’s turnaround strategy and current guidance remain unaffected by these transitions.”
Spar is now focused on the permanent recruitment of new board members while pursuing its long-term strategic goals under stable leadership.
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*This article first appeared in our sister publication techfinancials.co.za
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