The SPAR Group's recovery plan has been dealt a blow with the abrupt resignations of chairman Mike Bosman and deputy chair Dr. Shirley Zinn.
Their departure, announced on Monday, comes at a critical juncture for the retail giant, which has been intensely focused on a comprehensive turnaround built around improving retailer outcomes first, as stated by CEO Reeza Isaacs in June during the release of the company's interim results for the six months to March 27, 2026.
The resignations, as reported by IOL,were attributed to "sustained personal attacks, hostility and, at times, threats" from certain current and former SPAR retailers and former employees according to a joint statement by Bosman and Zinn.
The company did not make reference to these issues that were raised by Bosman and Zinn in Monday's statement and said the two had the support of the board.
“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 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 interests of the company.”
The company said Bosman assumed the chairmanship in December 2022 amidst what the company termed "exceptional difficulty" due to serious governance issues, was a pivotal figure in initiating the stabilisation efforts.
He temporarily served as executive chairman, providing crucial leadership during a period of executive transitions and the strategic divestment of overseas operations.
It said under his stewardship, SPAR has credited significant improvements in its governance, risk, and control environment, alongside portfolio simplification and restored operational continuity.
The company said Zinn, who joined the board in February 2023 and quickly ascended to deputy chair, was instrumental in reinforcing corporate accountability. As chair of the remuneration committee, it said she championed the implementation of a bonus clawback policy for executive management and revised minimum shareholding requirements – key measures designed to align executive incentives with long-term company performance and ethical conduct.
SPAR's board has appointed independent non-executive director and Risk Committee chair, Lwazi Koyana, as interim chairman, effective from Monday, August 17.
The Nominations Committee has been tasked with initiating a permanent succession process, a critical step to ensure leadership continuity and maintain investor confidence as the company navigates this unexpected setback in its journey towards full recovery.