OK Zimbabwe Limited (OK) chairman Herbert Nkala has finally stepped down as the group’s chairman, with the board deferring the appointment of a successor to a later date.
OK first announced Nkala’s exit from the group in June, which was expected to happen at the group’s annual general meeting (AGM), held on December 11, as the retailer, sitting over US$30 million in debt, moved to restructure its board.
Last month, OK explained that the board would be reconstituted to introduce fresh expertise and new perspectives.
The reconstitution exercise comes as OK, a retailer, has been facing a serious increase in operational challenges leading to its debt overhang.
Since last year, the group has been dealing with a dire revenue decline, which OK attributed to supply chain disruption, unstable exchange rates, a liquidity crunch, declining consumer spending, and heightened competition from the informal sector.
“The OK Zimbabwe Limited board would like to advise members that Mr Herbert Nkala retired from the board of directors with effect from December 11, 2025. Mr Nkala retires after having served 13 years on the board, seven of which he served as board chairman,” OK said in a statement.
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“The board, management, and staff would like to thank Mr Nkala for his dedicated service and commitment to OK Zimbabwe Limited, and wish him well in his future endeavours.”
The retailer also made five new non-executive director appointments, namely Charles Nkululeko Msipa, Tracey Mutaviri, Tawanda Masose, Brian Mabiza and Everton Mlalazi.
“Charles Msipa is a qualified lawyer whose distinguished career has encompassed the fields of law, banking, beverage marketing, manufacturing and distribution.
“His professional journey has spanned multiple continents, including extensive experience in Zimbabwe, the United States of America and the United Kingdom,” OK said.
“Mr Msipa retired in April 2025 after an impressive 20-year tenure as the managing director of Schweppes Holdings Africa Limited.
“Under his leadership, the company navigated significant industry changes and expanded its market presence across Africa.”
Msipa continues to contribute to the corporate sector as a non-executive director on several corporate boards.
“His strategic insight and governance expertise are highly valued in these roles. He is a past president of the Confederation of Zimbabwe Industries, where he played a pivotal role in representing and advancing the interests of Zimbabwe’s industrial sector,” OK said.
Meanwhile, Mutaviri brings nearly four decades of experience spanning academia, senior executive leadership in major corporates and high-level board and public sector governance, underpinned by deep expertise in marketing and general management.
Masose brings deep experience in investment management, mergers and acquisitions, and portfolio oversight across logistics, fast-moving consumer goods, property and agri-business, backed by a corporate finance and advisory background.
Mabiza brings over 25 years of senior leadership and advisory experience as a chartered accountant, with deep expertise in audit, assurance, and governance across regulated and listed companies in multiple African markets.
Lastly, Mlalazi brings over 15 years of experience in business development, enterprise scaling and strategic transformation, with strong expertise in structured finance, analytics-driven strategy and operational execution across diverse industries.
“The OK Zimbabwe Limited board, management, and staff congratulate the new directors on their appointment and look forward to benefiting from their collective experience, strategic insight, and leadership as the company continues to execute its turnaround and long-term growth strategy,” OK said.
The new appointments come after OK revealed the resignations of Rose Mavima, Kiitumetsi Zawanda, Wonder Stan Nyabereka and Rutenhuro James Moyo at the conclusion of the AGM.
Lyndsay Webster-Rozon and Tawanda Lloyd Gumbo were scheduled to retire by rotation at the conclusion of the AGM, but did not offer themselves for re-election.