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.
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.
Isaacs joined Spar a year ago as CFO after a career that included senior roles at Woolworths Holdings.
Swartz has spent 19 years with Spar, including his time as group CEO from October 2023.
SPAR chairman Mike Bosman said: “On behalf of the Board, I thank Angelo for his leadership and long-standing service at SPAR. He has been an integral part of SPAR for 19 years and has led the Group with commitment and integrity during a period of significant complexity and change.
"The Board is deeply appreciative of his leadership and the achievements under his tenure. We respect his decision and thank him for the constructive and principled manner in which this transition has been undertaken.”
Megan Pydigadu has been appointed Group CFO effective 1 March 2026 following Reeza Isaacs’ move to Group CEO.
Her appointment supports continuity and financial oversight, while SPAR reviews COO portfolios, which remain under divisional leadership during the transition.
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.
