The African Bank CEO deserves credit for the bank’s rise from curatorship ashes.
It seemed obvious to everyone — evidently besides Spar’s board — thatshould never have stepped directly from the CEO position into the position of company chair last year.
Not only was he never going to be an independent chair, but he also did a fortune of personal business with the company, which raises other clear conflicts. But it’s revealing of the company’s disregard for governance, and an indictment that it took public pressure to force him to give up the chair for the role of an ordinary nonexecutive director. Little wonder Spar’s stock has tumbled 20% over the past month.
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