By Ukumbi Afrika 
South African retailer SPAR Group said on Monday that chairman Mike Bosman and deputy chair Shirley Zinn had resigned from the company's board with immediate effect, as the retailer continues efforts to recover from a turbulent period.
Bosman resigned as independent non-executive director and chairman, while Zinn stepped down as independent non-executive director and deputy chair, both effective August 17.
SPAR said the two directors retained the board's full support but had separately concluded that their resignations were in the company's best interests, following challenges recently experienced by the board and the wider group.
Lwazi Koyana, an existing board member, has been appointed interim chair while SPAR searches for a permanent successor.
The leadership changes come as SPAR faces continued pressure from management changes, rising debt and operational difficulties in parts of its business.
Bosman became chairman in December 2022 during a period of governance challenges. He later served as executive chairman following the retirement of the group's former CEO in January 2023, remaining in the role until October that year.
SPAR credited Bosman with strengthening governance, risk and control processes, simplifying the group's portfolio and helping restore operational continuity.
SPAR shares fell 5.68% to 42.71 rand by 0918 GMT on Monday, reflecting investor concern following the leadership changes.
The resignations add another layer of uncertainty for the retailer as it works to strengthen its operations and financial position.
Source: Reuters
Reporting: Nqobile Dludla
Editing: Kirsten Donovan