Zimbabwe Stock Exchange-listed concern Starafricacorporation limited group chief executive officer Patison Sithole and chief operating officer Tendai Masawi will exit the company after jointly serving the firm for 53 years.
Sithole and Masawi’s departure comes at a time when the sugar producing company has been in a loss-making position since the introduction of the multi-currency regime in 2009.
In August 2011 the company disposed of four of its units — West Bev, RedStar Wholesalers and R Chitrin and Company Zimbabwe, Marathon Tyres and Arthur Garden Engineering. RedStar, West Bev and R Chitrin are facing liquidation.
The disposal of assets came a year after the company in 2010, raised $20 million through a rights issue. In a statement released yesterday, company secretary Vimbayi Nyikadzino said Sithole would leave on August 31 while Masawi left on Tuesday.
Sithole served the sugar producing company for 29 years and was appointed chief executive officer in 1997. He is a qualified chartered accountant and holds a masters in Business Leadership from the University of South Africa.
Masawi joined the company in 1988 as a chemist at Goldstar Sugars Harare refinery and served in various capacities in the food and industrial divisions. He rose through the ranks and was appointed chief operating officer in 2004.
“The board is in the process of restructuring the company and recruiting a new chief executive. An announcement will be made in due course,” Nyikadzino said.
For the year ended March 31 2012, the ZSE-quoted company recorded a loss after tax of $8,4 million from $17,1 million.
