South African retailer SPAR Group has appointed its chief financial officer (CFO), Reeza Isaacs, as chief executive officer (CEO), effective 1 March.
The appointment followed the resignation of Angelo Swartz after about 16 months in the role.
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According to a Bloomberg report, Swartz assumed the CEO role in October 2023 and led efforts to streamline operations, reduce debt and reinforce the balance sheet.
These priorities followed a problematic SAP implementation and broader financial strain facing the group.
During his tenure, the Durban-based grocery retailer withdrew from loss-making operations in Poland and Switzerland, reducing net debt and strengthening cash generation.
He will remain available for three months to ensure an orderly handover.
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By GlobalDataIsaacs joined Spar a year ago as CFO after a career that included senior roles at Woolworths Holdings.
He assumes leadership of South Africa’s “second-largest” food retailer by revenue at a time when sales and margins have held up in a challenging retail climate, though profit expansion has been limited and dividends have yet to resume, the report added.
The group also continues to face competitive pressure in parts of its portfolio.
Swartz has spent 19 years with Spar, including his time as group CEO from October 2023.
Retail Insight Network has reached out to Spar Group for comment on the issue.
As part of the company’s restructuring of its European footprint, SPAR agreed to sell its underperforming Polish division in 2024 to local retailer Specjal for R185m ($10m).
The disposal was intended to provide clarity to investors and remove a loss-making business from the group’s accounts.
Spar’s Polish operations comprised 200 stores, three distribution centres and one production site.
