End of the line for Truworths chairman after 23 years

Truworths chairman Hilton Saven will not offer himself for re-election at the company’s Annual General Meeting (AGM) in November.

He will retire on the day of the AGM, 5 November 2026, and will be succeeded by Hans Hawinkels, a non-executive director and lead independent director.

The 72-year-old Saven was appointed to Truworths’ board in February 2003 and has served as the retailer’s chairman since May 2004. 

“During more than 23 years of service, he has made an exceptional contribution to the leadership, governance, and development of Truworths,” the company said.

“The board expresses its sincere appreciation to Saven for his outstanding service, unwavering commitment and dedication to the company.” 

“His wise counsel, sound judgement and leadership over more than two decades have been greatly valued by the board and management.” 

Aside from his position at Truworths, Saven is also the chairman of Balwin Properties and Lewis Group in South Africa. 

He previously served as the co-CEO and chairman of Mazars, an international audit, accounting, and consulting business.

He has also served as the chairman of Praxity, an international alliance of accounting firms.

Saven’s successor, Hawinkels, has been on Truworths’ board since February 2018. He is currently the chairman of the retailer’s remuneration committee.

Following Truworths’ AGM, Hawinkel will succeed Saven as a member of the Social and Ethics Committee and assume the chairmanship of the Nomination Committee.

While he will step down as chairman of the Remuneration Committee, he will remain a member. 

“The appointment of a replacement lead independent director has not yet been considered by the board,” Truworth said. 

“Should the board determine that such an appointment is required, a further announcement will be made in due course following the board’s decision to proceed with such appointment.”

“The board congratulates Mr Hawinkels on his appointment as chairman and looks forward to his continued contribution to the growth and success of the company.”

Truworths’ performance

Founded in 1917, Truworths is one of South Africa’s oldest and largest apparel retailers, with well-known brands such as Daniel Hechter, Uzzi, Ginger Mary, and Naartjie in its portfolio.

Now, Hawinkel is set to lead Truworths’ board during a difficult period for the retailer, which has posted lacklustre results for the past few years.

Truworths has been lagging behind its competitors for the past few years, as South Africa’s apparel retail market has become increasingly competitive.

For the first half of its 2026 financial year, Truworths reported sub-1% profit growth and a slight decrease in revenue.

This was mainly due to a weak contribution from its biggest division, Truworths Africa, and despite a strong performance from the UK business.

The retailer has announced plans to stem this decline, saying in 2025 that several strategic initiatives have been initiated to reposition Truworths Africa for the future.

Like many other apparel retailers, Truworths’ share price has taken a beating in 2026, down 7.64% in the year to date.

However, on Friday, 21 August, when Saven’s retirement was announced, the share price rose by 2%.

Despite Truworths’ lacklustre performance in the past few years, many analysts still back the retailer and its management team.

In November 2025, All Weather Capital’s Shane Watkins said Truworths shares are not only “extremely cheap”, but that the company also has a strong management team.

He said the retailer’s CEO, Michael Mark, who has been at the helm since 1991, is “among the most trustworthy chief executives on the JSE”.

“I don’t think that he’s immune to what goes on around him. I mean, we know the economy is not growing,” he said.

“But at the end of the day, one of the most important things we believe at All Weather is that you must invest with management that you trust.” 

“And if you don’t trust the jockey, just don’t do it. And I think he’s a very trustworthy person.”