Angelo Swartz, Spar Group’s outgoing CEO. Picture: LinkedIn/Angelo Swartz Angelo Swartz resigned as Spar Group CEO on Friday morning. It comes as the group faces a hefty lawsuit from one of its main franchisees and turnaround risks.
In anoteto shareholders, the retailer said Swartz’s last day as CEO will be on Friday, 27 February 2026. It added that he will stay with Spar for three months to ensure a smooth handover and assist in concluding key strategic initiatives currently underway. He is not the first CEO to jump ship amid uncertainty.
Swartz took the helm in October 2023, following a chaotic period in which Brett Botten retired after less than two years as CEO. During Botten’s tenure, the group faced several governance questions, which eventually led to Botten’s retirement. Swartz has worked for Spar for 19 years, including the time (less than three years) as CEO.
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The board noted that Swartz was trusted with steering the company during a difficult time. “During his tenure, he led the business through a challenging period of operational stabilisation, portfolio simplification and balance sheet strengthening,” read the note. “The board thanks him for his contribution during this important phase.” Swartz guided the retailer through a challenging period, focusing on stabilising daily operations after years of decline and high debt.
His leadership resulted in selling off its Swiss and Polish businesses and exiting UK operations to simplify the portfolio and reduce financial strain. The retailer also saw a 40% reduction in debt to R5.4 billion from R9.1 billion in 2024. He leaves as a turnaround strategy aimed at restoring competitiveness in the country’s retail landscape is being implemented.
For the financial year 2025, the group recorded a significantloss of over R5 billion due to impairmentsfrom discontinued overseas operations. Swartz’s tenure was marked by efforts to streamline Spar’s business, strengthen its balance sheet and reposition it for organic growth.
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