We’ve made mistakes, admits new Spar chair Mike Bosman
The retailer seems to be working on cleaning up its act after board ructions and damaging revelations — but have all the skeletons been swept from the shelves?
26 January 2023 - 05:00
New Spar chair Mike Bosman admits there have been “several mistakes made” in the scandals that have enveloped the retailer in the past three months. Bosman was speaking to the FM after the sudden resignation of CEO Brett Botten and the decision by former chair Graham O’Connor to withdraw from re-election to the board.
It’s been a bruising three months, in which Spar’s share price tumbled 10.9% amid revelations that an 18-month-old legal report had found “fictitious loans” made by Spar to retailers, a R2.1bn lawsuit by its largest retailers and serious questions over its governance...
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