South Africa, March 5 -- "I step into the CEO role with absolute clarity on where we are and what must be done to accelerate the turnaround of our core business. Spar remains a strong, cash-generative business with a powerful independent retailer network. Our focus now is on increasing the pace of execution - strengthening performance in Southern Africa, improving margin resilience and ensuring that the work already done to simplify the group and strengthen the balance sheet translates into sustainable performance improvement."

Isaacs said recent trading performance reflects deliberate actions taken to support shoppers and independent retailers amid ongoing consumer pressure.

"Heightened promotional activity in a highly competitive, low...