South African retailer, SPAR Group has appointed Lwazi Koyana as interim chairman following the resignation of its chairman, Mike Bosman, and deputy chair, Shirley Zinn, from the board.
The company said Bosman resigned as an independent non-executive director and chairman on August 17, while Zinn stepped down as an independent non-executive director and deputy chair on the same day.
According to SPAR, both directors retained the full support of the board but separately concluded that stepping down was in the best interests of the company amid recent challenges experienced by the board and the group.
The announcement prompted a decline in SPAR’s share price, with the stock falling 5.68 per cent to 42.71 rand in early trading.
The retailer has been working to recover from a difficult period marked by management changes, rising debt levels and operational challenges across parts of its business.
Bosman assumed the role of chairman in December 2022 during a period of governance challenges within the company.
Following the retirement of SPAR’s former Chief Executive Officer in January 2023, he also served as executive chairman until October 2023 to provide leadership continuity.
The company credited Bosman with strengthening governance, risk management and control processes, while also helping to simplify the group’s portfolio and restore operational stability.
SPAR said Koyana would serve as interim chairman while the search for a substantive chairman continues.
Reuters
