C-suite, board level changes in Q1 2017

By The Zimbabwe Independent | Jun. 2, 2017 | 4 Min read

When the economy hits turbulent times, such as during the current headwinds facing Zimbabwe, it gets hotter at the top. As a result, turnover of executives tends to increase, as they are ultimately accountable for the performance of the organisations. During such times the old adage “It’s lonely at the top” certainly rings true. This installment reviews the developments in the C-suite during the first quarter of the year, which saw key new appointments at the Insurance and Pensions Commission (IPEC), Old Mutual Emerging Markets and the Financial Clearing Bureau (FCB). The resignation of Atlas Mara CEO, John Vitalo and the “retirement” of CBZ Holdings board chairperson, Elliot Mugamu were both sudden and unexpected. As another old adage goes, the only certain things in life are death and taxes — sadly, two eminent professionals passed on during the period under review.

OMEN MUZA

January 2017

The country’s largest credit reference bureau by customer base, the Financial Clearing Bureau (FCB) appointed information and communication technology expert, Takunda Ushe, as its new managing director with effect from January 17, 2017. Prior, to his appointment, Ushe worked as the bureau’s executive director and was responsible for business development and ICT. He took over from Alan Goodrich of G-Analytix, who was the consultant to the bureau and its previous managing director.

Callisto Enias Madavo the former World Bank vice-president for the Africa region, passed away on January 12, 2017. “Madavo worked at the World Bank for 35 years, distinguishing himself as an intellectual with a deep passion for Africa and its people. During his tenure, he became the first African to serve as an operational vice-president (1996-2004), was instrumental in shaping and supporting the World Bank’s vision for Africa’s development, and championed critical World Bank initiatives such as its early HIV and Aids programme,” said part of the multilateral bank’s condolence message.

IPEC head, Marnet Mpofu left the commission following the expiry of her contract at the end of January 2017, paving the way for the appointment of Tendai Karonga to the position of Commissioner of Insurance and Pensions with effect from February 1, 2017. Karonga has an MBA from Aston Business School (ABS) at the University of Aston in Birmingham and is a full member of the British Chartered Institute of Management.

February 2017

The Zimbabwe Stock Exchange (ZSE) sent its CEO Alban Chirume on indefinite leave on February 6, 2017 and appointed senior operations executive Martin Matanda acting CEO, to pave way for investigations after Econet Wireless Zimbabwe Limited disregarded a directive from the regulator not to hold an extraordinary general meeting (EGM). In defying the ZSE directive, Econet said it was authorised to hold the EGM by a committee of the board, hence, the meeting was held on Friday, February 3, 2017 and shareholders approving the $130 million cash call to pay foreign obligations.

Keep Reading

Veteran investment manager and Zimnat Asset Management Company managing director, Tony Fisher, died on February 5, 2017 at the age of 70. He had joined Zimnat from fellow asset management firm TSF Management Company. Both Zimnat and TSF Management became household names in the asset management business under Fisher’s watch.

Old Mutual Emerging Markets appointed Jonas Mushosho to the position of chief executive officer for the Old Mutual Rest of Africa business, which includes all the 13 African countries in which it operates, except South Africa. Prior to this appointment, Mushosho doubled as CEO for Old Mutual Southern and East Africa (OMSEA), as well as for Old Mutual Zimbabwe. A chartered accountant and MBA graduate, Jonas had been a “Mutualite” for 26 years and his knowledge and experience in insurance — both life and short-term — and banking was expected to come in handy in driving the company’s Africa strategy going forward and in strengthening its footprint on the continent. Mushosho continued to be based in Harare and retained his responsibilities over the Zimbabwe business.

Amid concerns of poor business performance, Atlas Mara chief executive officer, John Vitalo stepped down on February 15, 2017, less than six months after his appointment, as the parent company of pan-African banking group ABC Holdings moved to reduce operating expenses and staff costs by more than $20 million per year. Vitalo, former Barclays Plc CE for Middle East and North Africa, took over from Blessing Mudavanhu in September 2016. Mudavanhu had succeeded Doug Munatsi who exited the group after selling his stake to Atlas Mara. “Effective February 15, John Vitalo stepped down as CEO and from the board. John joined the company in 2014 as Atlas Mara’s first CEO, leading the company to its current, profitable seven-country footprint and operational scale. The board will appoint a new group CEO in due course,” Atlas Mara said in a statement released on February 16, 2017.

After nine years of leadership and service to the group, the board of directors of CBZ Holdings Limited announced the retirement of Elliot Mugamu from the position of board chairperson, as well as membership to the boards of CBZ Holdings Limited and CBZ Bank Limited with effect from February 28, 2017. Richard Dawes was appointed acting chairperson. This sudden resignation followed a sustained period of shareholder activism in respect of corporate governance concerns by the National Social Security Authority (NSSA).

March 2017

Macro-Economic Planning and Investment Promotion minister Obert Mpofu announced a new board for the Zimbabwe Investment Authority (ZIA) chaired by banker, Richard Victor Wilde deputised by Nomathemba Ndiweni. Other board members include Jocelyn Mahachi, Florence Makombe, Nkosana Mkandla, Respina Zinyanduko, Clemence Masango, Chipo Mhini and Takabvakure Euwitt Mutunhu.

The Small and Medium Enterprises and Co-operative Development ministry announced the appointment of the Registrar of Co-operative Societies in compliance with the new Ministry structure. “The ministry would like to inform co-operators, members of the public and all stakeholders on the appointment of Thabani Shoko as the Registrar of Co-operative Societies. His appointment is with effect from March 13, 2017,” the ministry said in a public notice.

Omen N. Muza is the founder and editor of the MFSB. You can view his LinkedIn profile at zw.linkedin.com/pub/omen-n-muza/30/641/3b8 or initiate contact on [email protected].