Johannesburg – In a significant leadership shake-up, Spar Group informed shareholders on Monday, 17 August 2026, that Chairman Mike Bosman and Deputy Chair Dr. Shirley Zinn have tendered their resignations with immediate effect, effective the same day.
Bosman has tendered his resignation as an independent non-executive director and Chairman of the Board, with effect from 17 August 2026.
Shareholders are further advised that Dr. Shirley Zinn has tendered her resignation as an independent non-executive director and Deputy Chair of the Board, with effect from 17 August 2026.
Addressing the departures, the Board confirmed that the resignations were amicable and mutually understood: “While Mr. Bosman and Dr. Zinn continue to have the full support of the Board, taking into consideration the context of the period that both these directors and the Board have recently experienced, Mr. Bosman and Dr. 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’s tenure and legacy
Bosman was appointed Chairman in December 2022, at a time of exceptional difficulty for the Group due to the serious governance matters previously reported to Shareholders.
Following the retirement of the previous Group Chief Executive Officer in January 2023, Bosman agreed to serve in an executive capacity as Executive Chairman until October 2023, providing continuity of leadership at short notice and at significant personal commitment.
The company said under his chairmanship, the Group’s governance, risk and control environment has strengthened, the portfolio simplified and operational continuity restored.
Throughout his tenure, Bosman engaged openly with shareholders and made himself consistently available to them.
“His measured, ethical and accountable approach at a difficult time for the Group has been valued by his fellow directors, shareholders and investors,” the company said.
Zinn’s contributions to governance and transformation
Dr Zinn joined the Board as an independent non-executive director in February 2023 and was appointed Deputy Chair in June 2023.
As Chair of the Remuneration Committee, she was central to strengthening the Group’s remuneration governance and 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.
The company added that through her service on the Nominations and Social, Ethics and Sustainability Committees, she contributed materially to the Board renewal process and advocated for transformation, ethical conduct and inclusion, helping to drive initiatives that advance a more inclusive workplace.
The board expressed its gratitude, stating: “The Board thanks them both for their dedication, professionalism, and the meaningful legacy of their service, and wishes them well in their future endeavours.”
Interim Chairman appointed
To ensure continuity, the Board has resolved to appoint Lwazi Koyana, an independent non-executive director and Risk Committee Chair, as Interim Chairman of the Board with effect from 17 August 2026, pending the conclusion of a permanent succession process to be led by the Nominations Committee.
The Nominations Committee has initiated a process to identify and appoint new non-executive directors to the Board, informed by a defined skills matrix aligned to the specific capabilities the Group requires to deliver on its stated strategic objectives.
This includes, in particular, direct retail, independent retailer and sector experience. Further announcements will be made in due course as this process concludes, including in respect of the permanent Board Chairperson appointment.
Revised committee compositions
In light of the above developments, the composition of the Board Committees has been restructured with effect from 17 August 2026.
Funke Ighodaro now chairs the Audit and Risk Committees, while Sundeep Naran takes over the Social, Ethics and Sustainability Committee.
Lwazi Koyana leads the Nominations Committee, and Liesbeth Botha chairs both the Remuneration and Business Transformation Committees, supported by a mix of independent non-executive and executive directors.
Strategy and executive team remain on track
Despite the high-level exits, the Board has moved quickly to reassure investors, saying: “The Board reaffirms its full and unqualified support for the Group Chief Executive Officer, Reeza Isaacs, Group Chief Financial Officer, Megan Pydigadu, and the executive team.
“The Group’s turnaround strategy and current guidance remain unaffected by these changes.”
Spar’s focus now turns to the permanent recruitment of new board members as it continues to execute its long-term strategic objectives under steady leadership.
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*This article first appeared in our sister publicaiton techfinanacials.co.za
The post Spar In Crisis? Chairman Mike Bosman And Deputy Shirley Zinn Step Down appeared first on The Bulrushes.
