Spar Group CEO Angelo Swartz to exit at end of February
CFO Reeza Isaacs appointed to lead from 1 March 2026
SOUTH AFRICA – Spar Group Ltd has confirmed that group chief executive officer Angelo Swartz will step down on 28 February 2026, ending a tenure of nearly 20 years with the retailer, including about 16 months in the top role.
The resignation was disclosed on 24 February 2026 and arrives as the JSE listed business works through restructuring measures, margin strain, legal disputes linked to a failed technology rollout, and the sale of selected overseas assets.
Swartz, who took over as CEO in October 2023 after leading the KwaZulu Natal distribution division and holding several other senior posts within the group, said he was leaving for personal reasons following what he described as years of sustained pressure tied to the company’s reset programme.
He told investors that the intensity of the turnaround efforts over roughly five years had taken a personal toll and influenced his decision to prioritise family commitments after an extended period of operational demands.
Chairperson Mike Bosman acknowledged Swartz’s role in guiding the retailer through balance sheet adjustments and efforts to stabilise trading conditions during a period marked by financial and operational strain.
New leadership team announced
In response, the board has appointed chief financial officer Reeza Isaacs as group CEO with effect from 1 March 2026, marking a leadership change at a time when the company is seeking to complete its restructuring agenda.
Isaacs joined the retailer in 2025 and previously served as finance director at Woolworths Holdings, and the group said he has been involved in tightening financial controls, managing debt levels and overseeing margin management initiatives.
At the same time, current group chief operating officer Megan Pydigadu will assume the role of group CFO from 1 March 2026 to maintain continuity in the finance function during the transition.
Ongoing operational and legal challenges
The leadership shift comes as the retailer continues to dispose of non core operations, having sold its Swiss and Polish businesses while progressing plans to exit the United Kingdom market in order to concentrate on Southern Africa.
For the first 18 weeks of the 2026 financial year to 30 January, wholesale turnover from continuing operations increased by about 2.1% year on year, although gross profit margins in South Africa declined amid competitive pricing, low food inflation and promotional campaigns.
The group is also dealing with litigation stemming from a troubled SAP enterprise resource planning implementation at its KwaZulu Natal distribution centre, where a franchisee has alleged supply interruptions and financial losses.
Following the disruption, the company revised its approach to the SAP project by separating finance and distribution systems in an effort to reduce execution risk and steady core activities.
Shares fell after the announcement of Swartz’s departure, reflecting investor caution about leadership continuity as the company works to restore margins and complete its operational overhaul.
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