Spar CEO Brett Botten Retires Following Group Being Embroiled in Scandals, Leaving Many Speculating

• CEO of the Spar retailer Brett Botten announced his retirement at the end of January, raising many eyebrows
• Botten’s comes after the group faced a string of allegations including, manipulating stores’ values and being discriminatory
• The Spar group did not give a reason for Botten’s retirement, however, several other changes are also being made

JOHANNESBURG - The CEO of Spar Brett Botten plans to vacate his office at the end of the month after holding the position for almost two years.

Botten’s retirement announcement came after a string of allegations against the retailer. In 2022, the group was accused of manipulating stores’ values, engaging in fictitious loans and discriminating against black franchisors.

Over 10 retailers said the Spar group claimed that they wanted to use their Black Economic Empowerment (BEE) loans to assist white-owned retailers. Money Web reported that the retailer denied this and that the financial allegations were due to dodgy accounting.

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The group also denied that it discriminated against retailers based on race or store location. However, Spar did not give a reason for Botten’s retirement.

According to EWN, former board chairperson Graham O’Connor will also be leaving in February. Several other changes are being made by the group as well.

The CEO’s retirement left many social media users speculating about the timing, with some convinced of dodgy dealings.

Mzansi reacts to Brett Botten’s retirement

@mstauree said:

“The government created this environment of dodginess and now acts surprised when people are dodgy. Shock.”

@diarora_invest commented:

“We have first-hand experience of this. The Spar in Diepsloot was left to collapse because it was owned by a black family.”

@maoni_yangu_tu posted:

“At some point in SA, these directors and non-executive directors must face criminal charges. It’s there in the companies act, why is it not implemented?”

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@ash1bce wrote:

“RSA state and corporations are a vile criminal syndicate acting with impunity.”

@ptmugadza added:

“Is that why they are so expensive? To cover up their fraudulence?”

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Briefly News also reported that retailers are making a killing during the holiday season as people spend their bonuses and savings.

Consumers look forward to the Black Friday weekend, hoping to get discounted deals on products they have been eyeing all year.

But savvy spenders urged South African customers on Twitter to hold off on buying goods on sale this weekend.

Source: Briefly News