The SPAR Group Limited has announced that independent non-executive Chairman Mike Bosman and Deputy Chair Dr Shirley Zinn have resigned from the Board with effect from 17 August 2026.
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 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 interests of the Company.
Mr Bosman was appointed Chairman in December 2022, at a time of exceptional difficulty for the Group due to the serious governance matters previously reported to shareholders. Following the retirement of the previous Group Chief Executive Officer in January 2023, Mr Bosman agreed to serve in an executive capacity as Executive Chairman until October 2023, providing continuity of leadership at short notice and at significant personal commitment.
Under his chairmanship, the Group’s governance, risk and control environment strengthened, the portfolio was simplified and operational continuity was restored. Throughout his tenure, Mr Bosman engaged openly with shareholders and made himself consistently available to them. His measured, ethical and accountable approach at a trying time for the Group has been valued by his fellow directors, shareholders and investors.
Dr Zinn joined 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 was central to strengthening the Group’s remuneration governance and led the introduction of a malus and clawback policy for executive management and a revised minimum shareholding requirement to align with shareholder expectations and market practice. Through her service on the Nominations and Social, Ethics and Sustainability Committees, she contributed materially to the Board renewal process and advocated for transformation, ethical conduct and inclusion, helping to drive initiatives that advance a more inclusive workplace.
The Board thanks them both for their dedication, professionalism, and the meaningful legacy of their service, and wishes them well in their future endeavours.
Interim Chairman appointed
To support the Board during this transition, Lwazi Koyana, currently an independent non-executive director and chair of the Risk Committee, has been appointed interim independent non-executive chair with immediate effect. A highly respected business leader and Chartered Accountant, Koyana brings deep expertise across finance, governance, risk and entrepreneurship, together with an intimate understanding of SPAR gained through more than seven years on the Board. His sound judgement, calm leadership and unwavering commitment to the Group make him exceptionally well placed to guide the Board and ensure continuity and momentum during this important juncture.
Appointment of successors underway
The Board has commenced a formal process to identify and appoint successors to Mr. Bosman and Dr Zinn. The Nominations Committee has initiated a process to identify and appoint new non-executive directors to the Board, including identifying directors with relevant retail experience.
SPAR Group Executive remains in place
The SPAR Group executive team remains unchanged under the leadership of Group CEO, Reeza Isaacs and will continue to focus on restoring retailer profitability, strengthening wholesale and distribution performance and unlocking the full potential of SPAR’s independent retail model.
The Group’s priorities remain stronger procurement and sharper pricing; improved brand and marketing effectiveness; stronger distribution execution; greater support to help retailers manage costs and improve profitability; and continued development of SPAR’s retail technology, digital and convenience capabilities – alongside sustainable value creation for all employees, customers and communities. The Group reiterates its commitment to the voluntary trading model and to working with the Guild retailers.
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.