Why I stepped down

SPAR CEO: RESIGNED ON FRIDAY AND WILL LEAVE AT THE END OF FEBRUARY

- Hilton Tarrant

EXIT. Angelo Swartz will be available for a further three months for handover.

(Picture: Supplied)

Outgoing CEO of Spar Group Angelo Swartz yesterday personally addressed his “situation” and explained his decision to leave the group after nearly two decades.

He told investors that the reset process to get the group back on sustainable footing was “exceptionally complex”.

“The last five years in particular have required extraordinary focus and intensity. While I’ve been deeply committed to the business, it’s people and our retailers, the role has come at a significant personal cost. It’s time for me to prioritise my family after a demanding chapter.”

Swartz was appointed in October 2023. He resigned on Friday and will leave at the end of February. He will remain available to the new leadership for the next three months to “support an orderly transition and assist in concluding key strategic initiatives currently underway”.

This shock news saw the group’s share price close 7% lower at R83.89 on Friday.

CFO Reeza Isaacs will take over as CEO, while COO Megan Pydigadu will become CFO.