Spar chairman and deputy call it quits

Spar chairman Mike Bosman and deputy chair Shirley Zinn have tendered their resignations with immediate effect.

Spar informed shareholders of these developments on Monday, 17 August 2026, the same date on which the resignations became effective.

The retailer explained that Bosman and Zinn have separately concluded that stepping down and resigning from the board “is the right decision for them and in the best interest of the company”.

Bosman was appointed chairman in December 2022, at a time of exceptional difficulty for Spar due to the retailer’s serious governance matters.

Following the retirement of Spar CEO Brett Botten in January 2023, Bosman agreed to serve in an executive capacity as executive chairman until October 2023.

Spar said that, under Bosman’s chairmanship, the group’s governance, risk, and control environment has strengthened, the portfolio simplified and operational continuity restored.

“Throughout his tenure, Mr Bosman engaged openly with shareholders and made himself consistently available to them,” the group 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 joined Spar’s board shortly after Bosman, becoming an independent non-executive director in February 2023. She was appointed deputy chair in June 2023.

“As chair of the Remuneration Committee, she was central to strengthening the group’s remuneration governance,” the retailer said.

Zinn 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. 

She also served on the Spar board’s Nominations and Social, Ethics, and Sustainability Committees.

There, the group said she contributed to the board renewal process and advocated for transformation, ethical conduct, and inclusion.

“The board thanks them both for their dedication, professionalism, and the meaningful legacy of their service, and wishes them well in their future endeavours,” Spar said.

Lwazi Koyana, an independent non-executive director and Risk Committee Chair, has been appointed as interim chairman with effect from 17 August 2026.

This appointment is pending the conclusion of a permanent succession process to be led by the Nominations Committee. The appointment of successors is underway.

Amid this boardroom shake-up, Spar confirmed that its turnaround strategy will continue to be implemented.

“The board reaffirms its full and unqualified support for the group CEO, Reeza Isaacs, group CFO, Megan Pydigadu, and the executive team,” it said. 

“The group’s turnaround strategy and current guidance remain unaffected by these changes.”