Retailer SPAR’s chairman and deputy chair resign

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.