{"id":50390,"date":"2026-02-20T10:19:56","date_gmt":"2026-02-20T10:19:56","guid":{"rendered":"https:\/\/eduzim.co.zw\/news\/?p=50390"},"modified":"2026-02-20T10:19:56","modified_gmt":"2026-02-20T10:19:56","slug":"spar-ceo-resigns-with-cfo-to-take-over-in-march","status":"publish","type":"post","link":"https:\/\/eduzim.co.zw\/news\/2026\/02\/20\/spar-ceo-resigns-with-cfo-to-take-over-in-march\/","title":{"rendered":"Spar CEO resigns with CFO to take over in March"},"content":{"rendered":"<p> <script data-jetpack-boost=\"ignore\" async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-1669381584671856\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- Africa tv video display -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-1669381584671856\"\r\n     data-ad-slot=\"3579572842\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script data-jetpack-boost=\"ignore\">\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<p><h2>He is not the first Spar CEO to jump ship amid uncertainty.<\/h2>\n<\/p>\n<div>\n<p>Angelo Swartz resigned as Spar Group CEO on Friday morning. It comes as the group faces a hefty lawsuit from one of its main franchisees and turnaround risks.<\/p>\n<p>In a note to shareholders, the retailer said Swartz\u2019s last day as CEO will be on Friday, 27 February 2026. It added that he will stay with Spar for three months to ensure a smooth handover and assist in concluding key strategic initiatives currently underway.<\/p>\n<p>He is not the first CEO to jump ship amid uncertainty. Swartz took the helm in October 2023, following a chaotic period in which Brett Botten retired after less than two years as CEO.<\/p>\n<p>During Botten\u2019s tenure, the group faced several governance questions, which eventually led to Botten\u2019s retirement.<\/p>\n<p><strong>ALSO READ: Spar South Africa CEO resigns amid financial challenges to lead McDonald\u2019s<\/strong><\/p>\n<h2 class=\"wp-block-heading\" id=\"h-swartz-leaves-the-top-job\">Swartz leaves the top job<\/h2>\n<p>Swartz has worked for Spar for 19 years, including the time (less than three years) as CEO. The board noted that Swartz was trusted with steering the company during a difficult time.<\/p>\n<p>\u201cDuring his tenure, he led the business through a challenging period of operational stabilisation, portfolio simplification and balance sheet strengthening,\u201d read the note. \u201cThe board thanks him for his contribution during this important phase.\u201d<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-spar-under-swartz-leadership\">Spar under Swartz leadership <\/h2>\n<p>Swartz guided the retailer through a challenging period, focusing on stabilising daily operations after years of decline and high debt. His leadership resulted in selling off its Swiss and Polish businesses and exiting UK operations to simplify the portfolio and reduce financial strain.<\/p>\n<p>The retailer also saw a 40% reduction in debt to R5.4 billion from R9.1 billion in 2024. <\/p>\n<p>He leaves as a turnaround strategy aimed at restoring competitiveness in the country\u2019s retail landscape is being implemented. For the financial year 2025, the group recorded a significant loss of over R5 billion due to impairments from discontinued overseas operations.<\/p>\n<p>Swartz\u2019s tenure was marked by efforts to streamline Spar\u2019s business, strengthen its balance sheet and reposition it for organic growth. <\/p>\n<p><strong>ALSO READ: Spar opening Gourmet stores to compete with Woolworths and Checkers<\/strong><\/p>\n<h2 class=\"wp-block-heading\" id=\"h-incoming-ceo\">Incoming CEO<\/h2>\n<p>The board has appointed Reeza Isaacs, the group CFO, to take the top job effective from 1 March 2026.<\/p>\n<p>Isaacs was previously at Woolworths before joining Spar. \u201cHis [Isaacs] stewardship has contributed materially to improving financial oversight, embedding cost discipline and advancing the group\u2019s margin recovery and deleveraging priorities,\u201d said the retailer.<\/p>\n<p>The board has appointed Megan Pydigadu, group COO, as the new CFO effective from 1 March 2026. \u201cHer [Pydigadu] appointment ensures continuity, institutional depth and strengthened financial oversight as Spar continues to focus on disciplined capital allocation, cost management and balance sheet resilience,\u201d said the retailer.<\/p>\n<h3 class=\"wp-block-heading\" id=\"h-does-the-group-need-a-coo\">Does the group need a COO?<\/h3>\n<p>A COO is responsible for overseeing a company\u2019s day-to-day operations, ensuring that business activities run efficiently and align with the organisation\u2019s overall strategy and goals.<\/p>\n<p>However, shareholders have expressed concern about the Spar assuming this role, given that neither Shoprite nor Pick n Pay has a COO role.<\/p>\n<p>While announcing leadership changes, the retailer also said it will be undertake a structure review of the portfolios previously overseen by the COO. \u00a0<\/p>\n<p>\u201cIn the interim, these operational portfolios will continue to be managed by the existing divisional leadership teams. Further updates on any structural refinements will be communicated in due course.\u201d<\/p>\n<p><strong>ALSO READ: Spar aims to eat Shoprite\u2019s township lunch with SaveMor<\/strong><\/p>\n<h3 class=\"wp-block-heading\" id=\"h-commitment-to-strengthening-performance\">Commitment to strengthening performance<\/h3>\n<p>The retailer said it remains committed to strengthening performance in Southern Africa, improving margin resilience, advancing balance-sheet deleveraging, and simplifying the group\u2019s portfolio.<\/p>\n<p>\u201cTo enhance execution in the group\u2019s main Southern Africa retail business, the board has decided to establish a dedicated managing director position for the groceries and liquor segment,\u201d said Spar.<\/p>\n<p>\u201cThis new role will deliver targeted operational leadership for the group\u2019s key value-generating segment and reinforce accountability in driving performance improvements.\u201d<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-lawsuit-pending\">Lawsuit pending<\/h2>\n<p><em>Business Day<\/em> reported in late January that the retailer is facing a R168.7 million lawsuit from one of its main franchisees, the Giannacopoulos family, over the botched SAP rollout at the wholesaler\u2019s marquee KwaZulu-Natal distribution centre.<\/p>\n<p>The family owns and operates 46 retail stores consisting of Spar, SuperSpar and Tops shops.<\/p>\n<p>The Giannacopoulos family, in court papers lodged with the Durban high court, alleges that the wholesaler\u2019s failed SAP system rollout caused severe supply chain breakdowns, empty shelves, lost customers and hundreds of millions of rand in damages.<\/p>\n<p>To this end, the family has incurred losses of R142.9 million in gross profit and gross profit margin claims for the financial years 2023-2025, plus interest.<\/p>\n<p>These losses were calculated using historical growth rates and expected margins, compared with actual performance after the SAP rollout.<\/p>\n<p><strong>NOW READ: What does the future hold for Spar? Retailer\u2019s profits nosedive<\/strong><\/p>\n<\/p><\/div>\n<p><script data-jetpack-boost=\"ignore\" async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-1669381584671856\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- Africa tv video display -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-1669381584671856\"\r\n     data-ad-slot=\"3579572842\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script data-jetpack-boost=\"ignore\">\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n#Spar #CEO #resigns #CFO #March<\/p>\n","protected":false},"excerpt":{"rendered":"<p>He is not the first Spar CEO to jump ship amid uncertainty. Angelo Swartz resigned as Spar Group CEO on&hellip;<\/p>\n","protected":false},"author":1,"featured_media":50391,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-50390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mzansi"],"_links":{"self":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts\/50390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/comments?post=50390"}],"version-history":[{"count":1,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts\/50390\/revisions"}],"predecessor-version":[{"id":50392,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts\/50390\/revisions\/50392"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/media\/50391"}],"wp:attachment":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/media?parent=50390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/categories?post=50390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/tags?post=50390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}