Spar Group Ltd. plans to announce a new chair and additional independent directors by early November as South Africa's second-largest grocer by revenue pushes ahead with a turnaround that's yet to deliver a meaningful improvement in earnings. The Durban-based company has hired an independent search firm and is assessing candidates against retail, financial, remuneration and governance skills needed to steer the recovery. It's also considering potential candidates put forward by shareholders and representatives of its network of independent retailers.

The overhaul comes amid broader leadership changes in South African retail, with Woolworths Holdings Ltd. Group CEO Sam Ngumeni starting in June and struggling rival Pick n Pay Stores Ltd. naming former Woolworths executive Spencer Sonn as CEO-designate. Spar expects its 2026 financial performance to be weaker than the previous year, with most pressure coming from its Southern African grocery and liquor operations. Its turnaround includes cutting costs across IT, marketing and logistics, improving distribution and tightening pricing and discounts.