JOHANNESBURG – Retail group Spar looks set to answer some tough questions when the multinational company holds its annual general meeting (AMG).
The company’s reputation recently took a knock after damaging allegations of fraud and racism towards black franchisees.
Spar CEO Brett Botten has since retired as the company’s top executive, while several other board members have also announced plans to step down.
The succession plan at Spar is expected to be at the top of the agenda when the group calls its AGM in a few days’ time.
The retailer will also have to account to its stakeholders about the slew of allegations it faces, following claims the company manipulated the value of a few stores, took up fictitious loans and alleged discrimination against black franchisees.
A leaked investigation by Harris Nupen Molebatsi Attorneys uncovered irregular transactions worth millions.
A shakeup of the company’s board followed, including the retirement of CEO Brett Botten, as well as the retirement of former CEO and board chair graham O’Connor.
Non-executive director Phumla Mnganga – who served on the board for almost 20 years – also announced plans to step down at the upcoming AGM.
Interim CEO and board chair Mike Bosman will make his first address at the same AGM where he’s expected to touch on the company’s extensive challenges.