Spar Group Limited Appoints Funke Ighodaro as Independent Non-Executive Director

  • Funke Ighodaro appointed as Independent Non-Executive Director, bringing extensive finance and governance experience to Spar Group Limited.
  • Changes to Board committees include Ighodaro becoming Chairman of the Audit Committee and Trudi Makhaya as Chairman of Social, Ethics, and Sustainability Committee.
  • Spar Group emphasizes commitment to robust corporate governance and strategic leadership with the appointment and committee restructuring.

In a move aimed at bolstering its leadership team, Spar Group Limited has announced the appointment of Ms. Olufunke (Funke) Ighodaro as an Independent Non-Executive Director. The decision comes following the conclusion of the Company’s 2024 Annual General Meeting held on Wednesday, February 21, 2024.

Ms. Ighodaro brings with her a wealth of experience and a distinguished career in finance and corporate governance. She currently serves as an Independent Non-Executive Director and Chair of the Audit Committee at Old Mutual Limited and its subsidiary, Old Mutual Life Assurance Company. Additionally, she holds the position of Lead Independent Director and Chair of the Investment Committee at Sabvest Capital Limited. Ms. Ighodaro also serves as an Independent Non-Executive Director at Telkom SOC Limited.

Professional Background

Previous RolesCurrent Positions
– Deputy Chair and Lead Independent Director at Massmart Holdings– Independent Non-Executive Director and Chair of Audit Committee at Old Mutual Limited
– Chief Financial Officer at Tiger Brands Limited– Independent Non-Executive Director and Lead Independent Director at Sabvest Capital Limited
– Chief Financial Officer at Primedia Limited– Independent Non-Executive Director at Telkom SOC Limited
– Executive Director at EMTS Limited (trading as 9mobile)
– Founder and leader of private equity business at Kagiso Trust Investment Group

Ms. Ighodaro holds a Bachelor of Science (Honours) degree in Operational Research from the University of Salford. She is a Fellow of the Institute of Chartered Accountants in England and Wales, as well as a Chartered Accountant (SA).

Changes to Board Committees

Alongside the appointment of Ms. Ighodaro, there have been significant changes to the composition of Spar’s Board committees.

  • Mr. Pedro da Silva has resigned from his position as an interim member of the Audit Committee.
  • Mr. Lwazi Koyana has stepped down from his role as interim Chairman of the Audit Committee but will continue as a member.
  • Ms. Funke Ighodaro has been appointed as a member and Chairman of the Audit Committee.
  • Ms. Trudi Makhaya has been appointed to serve as the Chairman of the Social, Ethics, and Sustainability Committee.

These changes, effective from Thursday, February 22, 2024, mark a strategic realignment of Spar’s governance structure.

Enhanced Leadership and Governance

The appointment of Ms. Olufunke Ighodaro and the restructuring of the Board committees underscore Spar’s commitment to robust corporate governance and strategic leadership. With Ms. Ighodaro’s extensive experience and expertise, the Company aims to further strengthen its position in the market and drive sustainable growth.

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