JOHANNESBURG, South Africa – South African fashion retailer TFG has announced the departure of chairman Michael Lewis after nearly four decades on its board. The leadership change comes amid growing shareholder concerns over the company’s financial performance and corporate governance.
Lewis will retire on 31 December 2026, ending an 11-year tenure as chairman. Professor Alexandra Watson will succeed him on 1 January 2027, becoming the group’s new board chair.
TFG confirmed the changes on Friday, 6 November, alongside its financial results for the six months ending September. The retailer operates brands including Foschini, Jet, Markham, Sportscene and @home.
Although TFG described Lewis’s departure as retirement, financial publication Moneyweb reported that shareholder pressure had influenced the decision. The company has not publicly attributed his departure to investor demands.
Lewis joined the board in 1989 and became chairman in June 2015. His departure ends decades of direct family representation in the retailer’s leadership.
His father, Stanley Lewis, acquired a majority shareholding in Foschini in 1958. The family subsequently played a central role in the company’s growth into one of South Africa’s largest fashion retail groups.
The leadership change follows a difficult trading period. TFG reported a 0.1% increase in group revenue during the six months to September, while headline earnings per share declined by 6.8%.
Investors have also questioned the group’s capital allocation decisions. These include a R1 billion share buyback programme undertaken in 2025, before a substantial decline in the company’s share price.
Shareholder dissatisfaction became evident during TFG’s annual general meeting in September. Several governance resolutions attracted significant opposition, including the reappointment of a senior independent director to the audit committee.
The latest changes introduce three new independent directors to the board. Alongside Watson, TFG has appointed investment specialist Craig Butters and chartered accountant Thabiso Madiba.
Watson brings extensive corporate governance experience. She chairs education group Advtech and previously served on the board of investment manager Coronation Fund Managers.
Butters has more than 25 years of experience in investment research and portfolio management. Madiba is an academic, auditor and chairman of the Sasol Khanyisa board.
The appointments signal a broader effort to strengthen board oversight as TFG responds to weaker earnings and investor concerns.
TFG Chief Executive Anthony Thunström praised Lewis’s contribution to the business, acknowledging his role in its expansion across international markets.
The group now operates approximately 5,000 stores across 18 countries. However, management faces pressure to improve profitability, manage costs and restore investor confidence.
TFG’s shares initially rose by around 11% following the announcement, although some gains were later reversed. The market reaction suggested investors welcomed the leadership changes.
The transition highlights the growing influence of institutional shareholders in South African corporate governance. Large investors are increasingly scrutinising board performance, executive remuneration and investment decisions.
Watson will inherit a business facing difficult trading conditions and demands for stronger financial returns. Her immediate challenge will be to strengthen governance while supporting management’s turnaround strategy.
The coming months will show whether the leadership changes can help TFG rebuild investor confidence and improve its financial performance.
