Remuneration Policy 2026
Executive Director | Chief Financial Officer
RALPH BUDDLE (59) test
CA (SA)
Ralph joined the Group in September 2023, and was appointed CFO effective 1 April 2024. He previously served as interim CFO of Oceana Group Limited, and as director of strategy & business development at Woolworths Holdings Limited.
Appointed to the Board: 2024
Member of the Risk Committee | Member of the Finance Committee
Non-Executive Director | Chairman of the Board
MICHAEL LEWIS (67)
BA (Econ) (Hons)
Michael has more than 35 years’ experience in the investment management and retail sectors. He is the chairman of Strandbags Holdings Proprietary Limited (Australia), which includes the Antler travel products group, and Oceana Investment Corporation Limited (UK). He is also a director of UTB Partners Limited (UK).
Michael served on the supervisory board of Axel Springer AG (Germany) and on the board of Cheyne Capital Management LLP (UK). He previously worked at fund managers Ivory & Sime and Lombard Odier.
Appointed to the Board: 1989
Member of the Nomination Committee
Member of the Remuneration Committee
Lead Independent Director
GRAHAM DAVIN (70)
BCom, BAcc, CA (SA), MBA
Graham is a chartered accountant and a career banker with extensive international financial and broad business experience.
He is the Deputy Chair of United Trust Bank, a specialist UK credit provider. Graham qualified with Arthur Andersen in Johannesburg and joined Investec Bank after an MBA at UCT.
He was a director of Investec Bank for 16 years and of Bank Insinger de Beaufort N.V., a Dutch private bank. He was responsible for listing Investec on the JSE and Insinger on the Luxembourg Stock Exchange. In 2003, after moving to London, Graham led the management buyout of United Trust Bank, a fast-growing UK specialist bank of which he was CEO for 17 years.
Appointed to the Board: 2015
Chair of the Nomination Committee
Chair of the Finance Committee
Member of the Audit Committee
Independent Non-Executive Director
COLIN COLEMAN (63)
BA (Architecture)
Colin is a distinguished executive and was CEO, Sub-Saharan Africa, of Goldman Sachs up until his retirement at the end of 2019 He was also head of its South African business from when he joined in 2000, and head of its Investment Banking division for Sub-Saharan Africa. He was named a partner of Goldman Sachs in 2010.
Colin was an anti-apartheid activist and deeply involved in South Africa’s constitutional transition and negotiations from apartheid to democracy. He also served as a business leader on the boards of Business Leadership South Africa, the National Business Initiative and the Steering Committee of the CEO Initiative.
In 2024, he served as an Adjunct Associate Professor of Business at the Columbia Business School and previously served as a senior fellow and lecturer at Yale University’s Jackson Institute for Global Affairs. Colin was also a Distinguished Fellow at INSEAD Business School, hosted by their Africa Initiative.
Colin is currently a non-executive director of the Youth Employment Service (“YES”), and a non-resident Senior Fellow at the Atlantic Council, a Washington D.C. headquartered nonpartisan think tank.
Appointed to the Board: 2020
Member of the Remuneration Committee
Member of the Finance Committee
Leadership Team Director
MS BRIDGITTE BACKMAN (63)
Tenure: 1 Year
BSc (Chemistry), MBA (Rotterdam), Visting fellow University of Oxford SAID Business School
Bridgitte is a seasoned business leader who has extensive expertise across a range of industries and functions including FMCG, Energy (Oil and Gas), Development Finance, Corporate and Shared Services, Sustainability, Governance, Risk, Compliance, Corporate Affairs, Public Policy, Innovation, Supply Chain, Elections Management and People Management.
She has also served as Deputy Commissioner at SARS, responsible for Corporate and Enterprise Services; and as a board member on the UN Global Compact, South Africa. She currently serves as a Visiting Fellow at the Saïd Business School, University of Oxford and as a non-executive director of Astral Foods Limited.
Appointed to the Board: 2025
Chair of the Social & Ethics Committee
Non-Executive Director
BOITUMELO MAKGABO-FISKERSTRAND (51)
BA (International Relations)
Tumi is reading toward an LLM in International Business Law, with a dissertation examining AI liability attribution and enforcement. Her research represents some of the first postgraduate scholarship of its kind.
Tumi has chaired sessions at the World Economic Forum, the African Development Bank and the European Commission, and was selected as a member of the World Economic Forum's Young Global Leaders - an honour extended to fewer than one hundred individuals globally each year. She is also the former head of international relations and communications for the 2010 FIFA World Cup Organising Committee.
Appointed to the Board: 2012
Member of the Social & Ethics Committee
Member of the Risk Committee
Non-Executive Director
EDDY OBLOWITZ (69)
BCom, CA (SA), CPA (Isr)
Eddy has considerable audit, finance and business advisory experience, having spent 21 years in professional practice, most notably as a senior partner of the Cape Town, Durban and Port Elizabeth offices of Arthur Andersen. He also served as a member of the firm’s worldwide Retail and Distribution Industry Team.
In addition to serving as a non-executive director and trustee to various companies and trusts including Fortress Real Estate Investments Limited, Trencor Limited and BNP Paribas Personal Finance South Africa Limited, he is the Principal at Contineo Financial Services, which provides specialist advisory and fiduciary services to high net worth South African and international families and their entities.
Appointed to the Board: 2010
Member of the Risk Committee
Member of the Finance Committee
Group Chief Retail Officer
SHANI NAIDOO
Hons Bus Admin, Masters Ind Psych
Shani has been with TFG since 1990 and has held several strategic leadership roles across the Group. These include Chief Human Resources Officer, Managing Director of the Home Division, and Managing Director of the Jewellery Division.
With over three decades of experience, Shani brings deep operational insight and a strong track record of delivering growth and transformation across multiple business areas. In 2021, Shani took on the role of Head of Customer and Loyalty, driving customer-centric innovation and engagement. Most recently, in 2023, Shani assumed responsibility for TFG’s Rest of Africa operations, supporting the Group’s expansion across the continent.
Appointed to the Board: 2006
Independent Non-Executive Director
JAN POTGIETER (57)
BCompt (Hons), CTA, CA (SA), Management Development Programme (University of Michigan), Strategic Planning and Management in Retailing (Monash University, Australia), Advanced Management Programme (INSEAD France)
Jan is a chartered accountant and has extensive senior-level experience in the manufacturing, retail and supply chain sectors, having most recently served as Chief Executive Officer of Italtile Limited and formerly CEO of Massdiscounters (a division of Massmart). He also served as a business manager at Clover SA and spent eight years in senior financial roles at SABMiller.
He previously served as a non-executive director of Novus Holdings Limited, Fortress Income Fund Limited and Italtile Limited. Jan currently serves as a non-executive director on the board of Motus Holdings Limited, Chairman of Janette Media Consulting and Founder of Source and Style Lda.
Appointed to the Board: 2023
Chair of the Audit Committee
Member of the Risk Committee
Member of the Finance Committee
Independent Non-Executive Director
NKULULEKO SOWAZI (63)
BA, MA (Planning)
Nkululeko is an established business leader and experienced board director. He has a distinguished career in investment management, private equity, corporate strategy and governance. He is the Executive Chairman and Co-Founder of Tiso Investment Holdings, a diversified pan-African investment company with business interests in South Africa and Ghana.
Nkululeko currently serves as chairman of Sappi Limited, lead independent director of Grindrod Limited and non-executive director of MTN Limited. He also chairs the investment committee of the Sanlam Private Equity Fund and plays an active role in social development as co-founder and trustee of the Tiso Foundation and Chairman of the Housing for HIV Foundation, based in Washington, D.C.
Appointed to the Board: 2024
Chair of the Remuneration Committee
Member of the Finance Committee
Member of the Nomination Committee
Group Chief Retail Officer
STUART BAIRD
B-Tech Marketing & Business Management
Stuart began his career with the Group in 1989 as a Graduate Trainee. Over the years, he has held a range of leadership roles across multiple divisions, gaining extensive experience in the retail sector.
As the Group Chief Retail Officer, Stuart has been instrumental in shaping the Group’s operating model and has overseen all clothing divisions within TFG, as well as Design & Manufacturing, the Group Supply Chain, VAS & Hi and TFG London.
Appointed to the Board: 2014
Independent Non-Executive Director
GCINA CECIL ZONDI (53)
BCompt (Hons), AGA (SA)
Gcina is the founding Chief Executive and shareholder of Imbewu Capital Partners. He 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.
Gcina currently serves as a non-executive director on the boards of RCL Foods Limited, Isegen South Africa (Pty) Ltd, Container Conversions (Pty) Ltd, Icon Construction (Pty) Ltd and NPC InterCement.
Appointed to the Board: 2025
Chair of the Risk Committee
Member of the Audit Committee
Member of the Social & Ethics Committee
Member of the Finance Committee
Chief People and Culture Officer
SENTA MORLEY
BSoc Sci
Senta joined the Group in 1996 and brings over three decades of experience in the retail sector. As a seasoned Human Resources Executive, she has built a distinguished career spanning 33 years, holding leadership roles across a wide range of HR and business disciplines.
In her current role, she is responsible for leading the People & Culture strategy across all the Group’s territories, including South Africa, London, and Australia. Her deep industry knowledge and people-first approach continue to shape the Group’s culture and talent strategy.
Appointed to the Board: 2017
Chief Operating Officer: TFG Africa
JACQUES DE KOCK
Engineering degree & MBA
Jacques was appointed Chief Operating Officer of TFG Africa in 2026, having joined TFG in 2020 to lead the Group's omnichannel digital and logistics strategy. His portfolio brings together the capabilities that determine how TFG reaches, serves and retains its customers: Bash, TFG's customer-facing digital platform that also enables store staff to sell and serve more effectively; Financial Services, including credit and value-added services; Mobile; and Supply Chain and Store Enablement, which connects TFG's 3,500 stores into a single omnichannel network. Together these capabilities form the commercial infrastructure underpinning TFG Africa's omnichannel strategy.
Jacques brings extensive experience across technology, supply chain and digital commerce, with a proven track record in both South African and international retail. Prior to joining TFG, he served as Head of Supply Chain & IT at Clicks, Chief Information Officer of Habitat (a Europe-based, IKEA family-controlled company), and co-founded two AI ventures focused on consumer-facing businesses.
Appointed to the Board: 2021
Executive Director | Chief Executive Officer
ANTHONY THUNSTRÖM (56)
BCom (Hons Acc), CA (SA)
Anthony joined the Group in 2015 as Chief Financial Officer and was appointed Chief Executive Officer in 2018. He brings 21 years of professional services experience, during which he held senior leadership positions across both local and international markets.
Appointed to the Board: 2015
Member of the Risk Committee
Member of the Social & Ethics Committee
Member of the Finance Committee
Executive Director | Chief Financial Officer
RALPH BUDDLE (59)
CA (SA)
Ralph joined the Group in September 2023, and was appointed CFO effective 1 April 2024. He previously served as interim CFO of Oceana Group Limited, and as director of strategy & business development at Woolworths Holdings Limited.
Appointed to the Board: 2024
Member of the Risk Committee
Member of the Finance Committee
Chief Information and Logistics Officer
VUSIWE NKOMO (49)
BCom (Hons IS), MBA (Strategy), MBA (Marketing), MSc (SC & Logistics)
Vusiwe joined the group in 2021 as CTO: Customer and Insights and was subsequently appointed Chief Information Officer for TFG Africa in 2022. He currently serves as Chief Information and Logistics Officer, with an expanded mandate spanning logistics, facilities and cybersecurity, in addition to overseeing key IT and cybersecurity capabilities across TFG Australia and TFG London.
Vusiwe brings extensive experience across technology, digital transformation and supply chain, underpinned by a strong consulting background and senior technology leadership roles within prominent South African retail organisations. He is also the co-founder of three businesses.
Appointed to the Board: 2025
Independent Non-Executive Director
MAMONGAE MAHLARE (51)
BSc Engineering (Chemical) (University of the Witwatersrand); MBA (Harvard Business School, USA)
Mamongae Mahlare is a seasoned board director and C-suite executive with more than 27 years’ experience across the e-commerce, FMCG and Agri-processing sectors. Her career spans leadership roles in listed companies across emerging markets, where she has consistently driven sustainable growth, organisational transformation and value creation. Most recently, she served as Executive Chairperson and Group CEO of Takealot Group, following her tenure as Managing Director of Illovo Sugar South Africa. Mamongae currently holds board positions at OUTsurance Group, Oceana Group and Wits University Foundation.
Appointed to the Board: 2026
