Spar chair and deputy resign with immediate effect

Spar Group has announced the immediate resignation of independent non-executive chair Mike Bosman and deputy chair Shirley Zinn, effective 17 August 2026.

To maintain continuity, current independent non-executive director and Risk Committee chair Lwazi Koyana has been appointed interim chair of the board with immediate effect. At the same time, a formal succession search gets underway. 

Governance restructuring

Both Bosman and Zinn concluded that stepping down is in the best interests of the company.

Bosman assumed the chairmanship in December 2022 during a period of governance strain, later serving as executive chair from January to October 2023 following the retirement of the former group CEO, Brett Botten. Zinn joined the board in February 2023 and became deputy chair in June 2023, leading the remuneration committee, where she introduced malus and clawback policies alongside revised minimum shareholding rules for executives.

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Reflecting on the context of their departures and contributions, the board noted: “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.”

“Under his chairmanship, the group’s governance, risk and control environment has strengthened, the portfolio simplified and operational continuity restored. Throughout his tenure, Mr Bosman engaged openly with shareholders and made himself consistently available to them.”

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Interim leadership

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Interim chair Lwazi Koyana, a chartered accountant who has served on Spar’s board for over seven years, will head the board and step in as chair of the Nominations Committee pending permanent appointments. The Nominations Committee has launched a formal search for new non-executive directors based on a defined skills matrix, specifically targeting candidates with direct retail, independent-retailer, and broader-sector experience.

Spar share price 

Following the resignations, Spar reconstituted its key board committees with immediate effect:

Audit Committee: Funke Ighodaro (Chair), Sundeep Naran, Pedro da Silva.
Risk Committee: Funke Ighodaro (Chair), Sundeep Naran, Liesbeth Botha, Reeza Isaacs.
Remuneration Committee: Liesbeth Botha (Chair), Lwazi Koyana, Sundeep Naran.
Nominations Committee: Lwazi Koyana (Chair), Sundeep Naran, Funke Ighodaro.
Social, Ethics and Sustainability Committee: Sundeep Naran (Chair), Marie Jamieson, Liesbeth Botha, Phumlani Dyini.
Business Transformation Committee: Liesbeth Botha (Chair), Pedro da Silva, Marie Jamieson, Reeza Isaacs, Megan Pydigadu.

The board reaffirmed its full support for group CEO Reeza Isaacs, group CFO Megan Pydigadu, and the executive team, confirming that the group’s turnaround strategy, current financial guidance, and focus on supporting independent Guild retailers remain unaffected.

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