South African retailer SPAR Group said on Monday that its chairman, Mike Bosman and deputy chair Shirley Zinn had resigned from the board with immediate effect, prompting the appointment of insider Lwazi Koyana as interim chair while a permanent successor is sought.
Bosman stepped down as independent non-executive director and chairman effective August 17, while Zinn resigned as independent non-executive director and deputy chair on the same date, the company said in a statement.
SPAR said both directors retained the board’s full support but had separately concluded that resigning was in the company’s best interests given the context of challenges recently experienced by the board and the group.
SPAR shares were down 5.68% to R42.71.
SPAR is continuing efforts to recover from a turbulent period marked by management changes, rising debt, and operational difficulties in parts of its business.
Bosman was appointed chairman in December 2022 during a period marked by governance issues. Following the retirement of SPAR’s former chief executive in January 2023, he also served as executive chairman until October that year, helping to provide leadership continuity.
The retailer credited Bosman with helping strengthen governance, risk and control processes, simplifying the group’s portfolio and restoring operational continuity.
