The parent company of Australian fashion retailers Tarocash and YD, The Foschini Group, has announced a shakeup of its board of directors.
The South African-based group has added two new names to the board and confirmed the retirement of another.
Gcina Zondi and Bridgitte Backman have both been appointed as independent non-executive directors of TFG, with Zondi commencing immediately, while Backman will commence on September 1 later this year.
Zondi will serve as a member and chairperson of the risk committee and a member of the social and ethics Committee, and Backman will serve as a member of the social and ethics committee. He is the founding chief executive and shareholder of Imbewu Capital Partners, and is a qualified general accountant and is an associate of the South African Institute of Chartered Accountants. He has more than 25 years' experience in the private equity industry, of which six years were spent with Nedbank Capital Private Equity as a private equity manager.
Zondi currently serves as a non-executive director on the boards of Isegen South Africa (Pty) Ltd, Container Conversions (Pty) Ltd, Icon Construction (Pty) Ltd, NPC InterCement (Pty) Ltd, RCL Food Limited and Hulamin Limited.
Backman, meanwhile, has held a long-running career across a range of industries, including FMCG, energy, development finance, sustainability, supply chain, HR and corporate affairs. She has a BSc (Chemistry) from the University of Cape Town and an MBA from the Rotterdam School of Management in the Netherlands. She is currently serving as a deputy commissioner at the South African Revenue Service (SARS), with her tenure there ending August 31 this year.
“The appointment of Gcina and Bridgitte will strengthen the board's skills and independence,” the company shared in a statement.
Currently, with the inclusion of Zondi, the TFG board consists of 13 people.
TFG also confirmed that one of its board members, Doug Murray, is set to retire on September 4 following the company’s AGM. He will also step down as a member of the Risk Committee and as a director of the Group's UK and Australian subsidiaries' boards and committees. He was with the company for six years.
“These changes are the outcome of the Nomination Committee and board's continuous review of board composition, succession planning and board renewal and aims to align the company with evolving corporate governance requirements and best practices,” TFG shared.
“Due consideration has also been given to the board's independence policy – introduced in 2023 progressively over a three-year glide path – such that after this three-year period, a non-executive director with tenure of more than 12 years will no longer be categorised as independent. This policy will be fully implemented by the end of the 2026 calendar year.”
TFG manages several Australian fashion brands including Connor, AXL by Connor, Johnny Big, Rockwear, Tarocash and YD. The company manages around 600 stores across Australia and New Zealand, contributing around 17 per cent of the group’s total turnover.
TFG’s largest market is Africa, consisting of over 3600 stores and contributing around 70 per cent to total turnover. The company also operates retail stores in London.