Retailer SPAR’s chairman and deputy chair resign
SPAR continues efforts to recover from a turbulent period marked by management changes, rising debt
South African retail giant SPAR has announced the resignation of its chairman and deputy chair, effective immediately. Mike Bosman, who held the positions since December 2022, and Shirley Zinn, appointed in July 2022, will be succeeded by insider Lwazi Koyana as interim chair until a permanent replacement is found. The company stated that both directors retain the board’s full support but decided to resign due to the recent challenges faced by the board and the group.
Despite the resignations, SPAR shares dropped 5.68% to R42.71. The retailer has been grappling with management changes, increasing debt, and operational issues in recent times.
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