Spar and SAA both show the unmistakable signs of ships in troubled waters, from boardroom resignations to suspended executives. The question now is whether strong leadership can steer them away from the rocks before it's too late.

While there are a few indications that a company is in trouble, there is one obvious situation in which you know the ship is about to founder on the rocks.

Financial statements and numbers contain some of the indications that the fathoms below the keel are running scarce. Particularly if the moat that surrounds the company has been breached.

But the real-for-sure way of knowing a firm may be holed below the waterline is when one or more individuals are fired, or there is a sudden spate, or steady stream of resignations.

If the captains of the ship are fighting and have bust-ups over the compass readings and the correct course, you know it's taking on water.

And may not have the space to pump it all out.

SAA and Spar are clearly two of those firms.

On Monday, the Stock Exchange News Service carried an announcement that both the chairperson and the deputy chairperson of Spar have resigned. Mike Bosman and Shirley Zinn are both leaving immediately.

There is something curious about the phrasing that suggests something is very odd here.

The statement reads that "While Mr Bosman and Dr Zinn continue to have the full support of...