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
18 January 2023 - 07:30
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
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.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
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.
ROB ROSE: Spar’s media threats backfire
ANN CROTTY: Behind Spar’s U-turn on O’Connor
Spar: Has the ‘friendly’ store lost its way?
Companies in this Story
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Related Articles
O’Connor’s ever-receding sell-by date
Spar appoints Mike Bosman as its new chair
Spar chair Graham O’Connor takes a lower profile on board
Fraud complaint against Spar executives the latest salvo in a long-running ...
EXCLUSIVE: More evidence of dodgy accounting at Spar
Behind Spar’s toxic governance fumble
‘Fictitious’ loan puts Spar CEO under the spotlight
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.