2022 corporate movers and shakers
The curtain on 2022 comes down on Saturday in a year in which there were changes in the cockpits of a number of corporates. The executives that left had either ended their tenures or left to pursue personal interest, the common template used when a CEO departs.
Business Times highlights the corporate movers and shakers of 2022.
Mandiwanza’s long Dairibord stint ends
In the eyes of the public Antony Mandiwanza was Dairibord and his name became a synonym for the country’s largest milk processor. On September 30, the industrialist left Dairibord after 28 years at the helm. By the time he left, he was the longest serving CEO of a Zimbabwe Stock Exchange-listed company. In total, Mandiwanza worked for the country’s largest milk processor for 43 years.
He was replaced by a Dairibord veteran Mercy Ndoro whose reign began on October 1.
Dairibord also appointed Godfrey Machanzi as group chief operating officer to tap into his over 20 years international FMCG experience.
A turbulent December for Lafarge Cement Zimbabwe
Former British Prime Minister Harold Wilson once said a week is a long time in politics. For Lafarge Cement Zimbabwe, a month is too long after enduring a turbulent December. The month had started brightly after Fossil Mines completed the acquisition of a 76.45% stake from Associated International Cement Limited. CEO Geoffrey Ndugwa and CFO Amry El Moufay left and were replaced by Innocent Zulu Chikwata and Willcort Dzuda respectively on an acting basis.
The United State Office of Foreign Assets Control struck, imposing sanctions on Fossil founder, Obey Chimuka, and two of the group’s units Fossil Agro and Fossil Contracting.
In a statement this week, Lafarge Cement Zimbabwe said the sanctions have “impacted some processes within Lafarge Cement Zimbabwe” adding the company was considering various “courses of action” with a view to protecting the business and the interests of all stakeholders.
Last week Gloria Zvaravanhu resigned as a board member. She was the chair of the Audit Committee. Probably this is not the change the new shareholders had hoped for.
ZIDA turns to Chinamo
Tafadzwa Chinamo became the new CEO at the Zimbabwe Investment and Development Agency. The post has been vacant since the death of inaugural CEO Doug Munatsi last year. Chinamo is well grounded in investment having worked for an asset management firm and lately as the CEO of the capital markets regulator.
New broom at starafricacorporation
Engineer Robson Nyabadza was appointed as CE of starafricacorporation with effect from February 1 following the resignation, for personal reasons, of Regis Mutyiri. Mutyiri spent 15 years at the Zimbabwe Stock Exchange-listed firm of which six were as CE.
Changes at Turnall
In June, Zimbabwean Brand snapped up a 32.55% stake in Turnall Holdings following the exit of the National Social Security Authority. This was followed up by another acquisition of a 10% shareholding in the Zimbabwe Stock Exchange listed company, a month later.
Former Turnall Holdings Limited MD, John Mkushi, bounced back at the country’s leading roofing and building materials manufacturer after he was recently appointed to the chair the board.
He replaced Bothwell Nyajeka who stepped down as chair at a recent extraordinary general meeting.
Chihota lands Fidelity top post
Insurance veteran Reginald Chihota was appointed as Fidelity Life Assurance MD with effect from March 1. The entity has been operating without a substantive head since the shock departure of then CEO Reuben Java in September last year.
Chavora to steer GetBucks search for the bucks
Edwin Chavora was appointed as GetBucks Microfinance Bank Limited in July having acted in that position since April 1. The company is in negotiations for a recapitalisation exercise and also wants to list on the foreign currency only bourse, the Victoria Falls Stock Exchange.
A switch of regulators
Anymore Taruvinga took over as CEO the Securities Exchange Commission of Zimbabwe. The capital markets regulator had been operating without a substantive CEO since Tafadzwa Chinamo ended his second term at the end of 2021.
Before joining the capital markets regulator, Taruvinga was at the Zimbabwe Stock Exchange where he was head of ZSE Markets responsible for the bourse’s operations, trading and business development.