SPAR Group will undergo a leadership change at the end of February, with chief executive Angelo Swartz stepping down after less than two years in the role. Swartz will leave the JSE-listed retailer on 28 February 2026, with chief financial officer Reeza Isaacs assuming the top position from 1 March.
Swartz, who has spent 19 years with the group and became CEO in October 2023, oversaw a period marked by restructuring and balance sheet repair. During his tenure, SPAR disposed of its Swiss and Polish operations and initiated a process to exit the UK market, as part of a broader strategy to streamline international exposure and reduce debt. The group recorded a R5 billion loss in its 2025 financial year, largely linked to the sale of offshore businesses and associated impairments.
SPAR’s recent performance reflects the pressure facing South African retailers grappling with subdued consumer demand, rising operating costs and currency volatility linked to foreign operations. The company has been repositioning itself to focus on core Southern African markets, where it generates the bulk of its revenue through its grocery and liquor divisions.
The board said Swartz will remain available for three months to ensure continuity and assist with ongoing strategic initiatives. Chairman Mike Bosman indicated that the transition had been handled in a structured manner and that the group is positioned to accelerate execution of its priorities, including margin recovery and deleveraging.
Isaacs, who joined SPAR in 2025 after serving as finance director at Woolworths, has been credited with strengthening financial oversight and introducing tighter capital allocation controls. The company said his tenure as CFO contributed to improved governance frameworks and cost discipline during a period of elevated debt levels and restructuring costs. SPAR’s latest financial disclosures show a focus on restoring profitability, stabilising cash flows and reducing leverage following asset disposals.
With Isaacs moving into the chief executive role, Megan Pydigadu will take over as group CFO. She previously served as group chief operating officer and has held senior finance positions, including at EOH, before joining SPAR in 2023. The retailer said her appointment is intended to ensure continuity and reinforce financial oversight as it continues to prioritise capital discipline.
In parallel, SPAR will create a dedicated managing director role for its South African Groceries and Liquor segment, its primary earnings driver. The new position is aimed at strengthening operational accountability in the group’s core domestic business, which remains central to its recovery strategy.
The board has initiated an expedited nomination process for the new role, with a preference for an internal candidate. An update is expected following its March 2026 meeting, as the retailer seeks to stabilise performance after a period of restructuring and financial pressure.