EDITORIAL: What’s behind the Spar CEO’s abrupt exit?
Graham O’Connor, the former CEO who shifted into the chair position after Brett Botten’s promotion, will also leave the group
Retailer Spar, under fire over its governance, has decided that CEO Brett Botten will “retire” this month.
Botten is only 57, and was appointed in March 2021, which means he’ll have served less than two years in the role. This suggests there may be further skeletons to emerge over his time as MD of the South Rand distribution centre, the position he held before he became CEO.
A report compiled for Spar by law firm Harris Nupen Molebatsi, which surfaced last month, raised questions about potentially “fictitious loans” being used to “inflate the profitability” of that South Rand unit.
On December 9, Spar said it had sought a legal opinion on this matter. Whether Botten’s exit has anything to do with this is still unclear.
At the same time, Spar says Graham O’Connor, the former CEO who shifted into the chair position after Botten’s promotion, will also leave the group. O’Connor stepped down as chair in December, amid questions about the group’s governance.
This appears to be Spar’s belated effort to finally clean up its act. Whether this will prevent further skeletons emerging is anyone’s guess.