A MAJOR shake-up has occurred at CFI Holdings, which will see long serving CEO, Steve Kuipa leaving the agri-industrial concern at the end of the month, after nearly 14 years at the helm.
BY BUSINESS REPORTER
Board chairman, Simplicius Chihambakwe has retired from the board with immediate effect to focus on private practice, while another board member, Patricia Bwerinofa resigned on Monday, CFI said in a notice yesterday.
Sources said the ouster of the directors followed the convergence of CFI shareholders, Hamish Rudland and Nicholas van Hoogstraten, who agreed that the board members should leave the group.
“Evidence was gathered against Kuipa and others and this made the shareholders to force them out, although at first they did not want to go,” a source said.
In a notice yesterday, CFI said Grace Muradzikwa has been appointed acting group chairman. It said Timothy Nyika and Shingirai Chibanguza have been appointed acting group chief executive officer and deputy chief executive officer, respectively, until substantive office bearers are appointed.
“You will see that the appointments have been made taking shareholders’ interests. Nyika represents the interests of Rudland, with Chibanguza taking care of van Hoogstraten interests,” a source said.
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CFI has been a battleground for shareholders over a proposed recapitalisation exercise, with van Hoogstraten calling the proposed rights issue a fraud. Van Hoogstraten argued that he could not allow CFI to use the same model adopted by Zimre in which a consortium led by Rudland emerged as the largest shareholder after a capital raising exercise.
