SPAR CEO resigns

SPAR CEO Angelo Swartz will resign from his position at the company at the end of this month, following 19 years with the retailer.

On Friday, 20 February, SPAR announced that Swartz has resigned from his role as CEO and executive director, effective 28 February 2026.

He has been in the top position since October 2023, having led the company through the implementation of an ambitious turnaround plan.

Following years of decline, SPAR plans to win market share in South Africa’s highly competitive retail landscape through organic growth and honing in on its independent retail model.

In announcing his resignation, the retailer said Swartz will remain available to the group over the next three months to support an orderly transition and assist in concluding key strategic initiatives currently underway.

“On behalf of the board, I thank Angelo for his leadership and long-standing service at SPAR,” chairman Mike Bosman said.

“He has been an integral part of SPAR for 19 years and has led the group with commitment and integrity during a period of significant complexity and change.”

“The board is deeply appreciative of his leadership and the achievements under his tenure. We respect his decision and thank him for the constructive and principled manner in which this transition has been undertaken.” 

“The business is positioned to build on the progress achieved and to accelerate disciplined execution of its strategic priorities.”

SPAR’s current CFO, Reeza Isaacs, will take over as CEO from 1 March 2026. The retailer said Isaacs has played a pivotal role in strengthening the group’s financial position and reinforcing capital discipline.

“Under his leadership, the group advanced a more rigorous capital allocation framework, enhanced financial governance, and supported the execution of key strategic initiatives aimed at improving operational performance and balance sheet resilience,” the retailer said.

“The board is confident that Mr Isaacs’ extensive retail experience, institutional knowledge, disciplined leadership approach and clear focus on execution will ensure continuity and momentum as the group progresses to its next phase of performance improvement.”

In turn, the company’s current COO, Megan Pydigadu, will assume the role of CFO, also from 1 March 2026.

“With Ms Pydigadu assuming the role of group CFO, the group will undertake a structured review of the portfolios previously overseen by the COO,” the company said. 

“In the interim, these operational portfolios will continue to be managed by the existing divisional leadership teams.”

Looking ahead

SPAR also announced that, to enhance the retailer’s execution in its main Southern Africa retail business, it will establish a dedicated managing director position for its Groceries and Liquor segment. 

“This new role will deliver targeted operational leadership for the group’s key value-generating segment and reinforce accountability in driving performance improvements,” SPAR said.

The retailer said it would prefer an internal appointment for this position, with work to select the managing director already underway.

“As the group enters its next phase of operational focus and execution intensity, the board believes that this leadership transition will accelerate delivery against the company’s key performance priorities,” SPAR said.

In the company’s latest full-year results, SPAR recorded a loss despite revenue and operating profit growth from continuing operations. 

This was due to higher financing costs linked to legacy debt from SPAR’s now-disposed Polish operations.

However, the turnaround strategy, which involved exiting some of the group’s European operations, also allowed SPAR to decrease its debt by 40%.

Following these results, Swartz told Daily Investor that SPAR’s independent retail model will be key to the retailer’s success going forward.

“We really, as a group, see our purpose as being unleashing the power of independent retail. Our business is a wholesale business that supports independent retailers,” he said.