Old Mutual Zimbabwe has appointed Samuel Matsekete as chief executive taking over from Jonas Mushosho, with effect from January 1, 2020.
BY MISHMA CHAKANYUKA
“Old Mutual is pleased to confirm the appointment of Samuel (Sam) Matsekete as the group CEO-designate of Old Mutual Zimbabwe Limited. Matsekete will commence service on January 1, 2020 following the retirement of the current group chief executive, Jonas Mushosho at the end of 2019,” Old Mutual said in a statement.
Matsekete joins Old Mutual from First Capital Bank, where he is currently the managing director and has led the successful transition of the bank from being part of the Barclays Group.
He has worked at First Capital for over 12 years and was appointed the managing director in 2017.
Matsekete will be succeeded by Ciaran McSharry, who will be the acting managing director for the bank.
Before the managing director role, Matsekete held the position of chief finance officer and also headed the risk and governance functions that included credit, risk, legal and compliance at the same bank.
Matsekete is a qualified chartered accountant and an associate of the Institute of Bankers Zimbabwe. He completed an executive leadership development programme run for Barclays PLC at Duke University in London and holds a master of business leadership degree from the University of South Africa.
Old Mutual’s Rest of Africa managing director, Clement Chinaka, said he was confident that Matsekete would bring the requisite leadership experience and career credentials to lead the business at a particularly challenging time.
“Matsekete was part of the team that set up Old Mutual Asset Managers, now OMIG, in Zimbabwe soon after demutualisation 20 years ago, so I am very pleased to be welcoming him back into the Old Mutual family,” Chinaka added.
“This new appointment does come at a challenging time in Zimbabwe. However, it is thanks to the strength of our leadership that we have weathered the storm and will continue to seize opportunities for growth. Matseketse can now build on the strong foundation we have in Zimbabwe to take the business forward,” Chinaka said.
Matsekete’s appointment comes at a time the group has been conducting a rigorous internal and external recruitment process.
Last month, Old Mutual improved its voluntary retrenchment package to its employees after the first one, introduced in April, received poor responses.
The improved retrenchment package is expected to lure more employees to go with the programme as the group finds ways to manage its costs.