Spur executive changes rock restaurant chain in already uncertain times

In the wake of the Covid-19 pandemic, a number of South African companies have been affected by the effects of what has become a transformational crisis for the global economy. Spur has been in the eye of the storm and has seen a number of boardroom changes in the past two months, raising questions about the 53-year-old restaurant chain operator’s future prospects.

The chain has undergone a series of executive changes, with the sudden retirement of longtime CEO Pierre Van Tonder followed by the resignation of COO Mark Farrelly. Just last week, the group also announced that its chief financial officer, Philip Matthee, had asked to step down from his post for personal reasons. In that same statement, Val Nichas was named the new CEO of Spur Corporation. Nichas joined the group from rival Famous Brands and begins in January.