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South African grocery chain, Spar, has appointed its newly installed chairman, Mike Bosman as its interim CEO, following the exit of Brett Botten who left the group earlier this month.
The retailer announced the retirement of 57-year-old Botten amid a slew of allegations levelled against the company that led to the departure of its ex-chair, Graham O’Connor, who stepped down in December to allow Spar space to focus on the allegations.
On Monday, Spar said it had begun a recruitment process to find Botten’s successor, and appointed Bosman in the interim. He will take up the role from 1 February.
The retailer said the recruitment process is likely to conclude in three months, adding that it is in discussions with both internal and external candidates.
Read: Spar Group CEO Brett Botten to exit
In a bid to strengthen governance as it goes on a search to find is next CEO, Spar’s board has put in place additional processes, including setting up a chairman’s committee led by Andrew Waller, its lead independent director and chair of its audit committee, the retailer said.
“The other members of the chairman’s committee are the chairs of the Nominations, Risk, Remuneration and Social, Ethics and Sustainability Committees. The chairman’s committee will interact regularly with Mr Bosman to ensure continued high standards of governance.” Spar said.
“Once the new CEO takes up his/her role, Mr Bosman will return to the position of independent non-executive chairman of the board,” it said.
The scandal-marred retailer had made key changes to its management following allegations of fraud relating to fictitious loans that were flagged by its auditors, PwC and a team of lawyers, Harris Nupen Molebatsi Attorneys.
The retailer later conceded that ‘fictitious’ and ‘fraudulent’ loans flagged by its auditors and a team of lawyers, were reportable irregularities, saying they should have never happened.
Read: Fictitious and fraudulent loans a ‘reportable irregularity’ – Spar
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