South African supermarket retailer SPAR Group has named Moegamat Reeza Isaacs as the group chief financial officer designate, effective from 1 November 2024.
Isaacs will step in as group chief financial officer and as an executive director of the board of SPAR on 1 January 2025, the company said in a statement.
He brings strategic and operational finance experience to the role and will add considerable value to the company, SPAR added.
The appointment follows Mark Godfrey's decision to retire from the position and as an executive director from 31 December 2024.
An Experienced Professional
Isaacs is an experienced professional who most recently served as group finance director of Woolworths Holdings Limited.
He was also a board member of Woolworths for 10 years from 2013 to 2023, SPAR added.
Currently, he serves as a member of the council and chair of the University of Cape Town Finance Committee.
In April of this year, Isaacs was also appointed as an independent non-executive director of Hyprop Investments Limited and a member of its audit committee.
Previously, he served as a partner at Ernst & Young Incorporated and the regional senior partner for EY Western Cape.
He holds a BCom PGDA degree from the University of Cape Town and is a qualified Chartered Accountant in South Africa.
In June of this year, SPAR South Africa said it found a buyer for its loss-making Polish business and expects cost savings and IT system enhancements to improve profitability going forward.
In the first half, group profit before tax from continuing operations fell by 11.2% to 1.1 billion rand ($59 million) and headline earnings per share fell 7.6% to 465 cents.
