Boardroom drama at one of South Africa’s top food retailers

SPAR Group said on Monday its chairman, Mike Bosman, and deputy chair, Shirley Zinn, had resigned from the board with immediate effect.

This prompted the South African retailer to appoint insider Lwazi Koyana as interim chair while a permanent successor is sought.

Bosman stepped down as independent non-executive director and chairman, effective Monday, 17 August 2026.

He was appointed chairman in December 2022, at a time of difficulty for SPAR due to the governance matters previously reported to shareholders.

Following the retirement of the previous group chief executive officer in January 2023, Bosman agreed to serve as executive chairman until October 2023.

Under his chairmanship, SPAR’s governance, risk and control environment has strengthened, the portfolio simplified, and operational continuity has been restored.

“Throughout his tenure, Bosman engaged openly with shareholders and made himself consistently available to them,” the company said.

“His measured, ethical and accountable approach at a difficult time for the Group has been valued by his fellow directors, shareholders, and investors.”

Zinn also resigned as independent non-executive director and deputy chair, effective Monday, 17 August 2026.

She joined the SPAR 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 SPAR’s remuneration governance.

She also led the introduction of a clawback policy for executive management and a revised minimum shareholding requirement.

“Through her service on the nominations and social, ethics and sustainability committees, she contributed materially to the renewal process,” it said.

“She advocated for transformation, ethical conduct and inclusion, helping to drive initiatives that advance a more inclusive workplace.”

SPAR said both directors retained the board’s full support but had separately concluded that resigning was in the company’s best interests.

Their resignation, the company said, was prompted by the context of challenges recently experienced by the board and the group.

The company did not explain what it meant by the ‘context of challenges recently experienced’.

The SPAR board said that its CEO, Reeza Isaacs, and CFO, Megan Pydigadu, enjoy its full and unqualified support.

“SPAR’s turnaround strategy and current guidance remain unaffected by these changes,” the company said in a statement.

The market did not like this news, and the SPAR share price declined by 6% by 13:00 on Monday, 17 August 2026.