The chairman of a major Zimbabwean retailer has officially left. Herbert Nkala retired from OK Zimbabwe Limited after thirteen years on the board, seven as chairman. His departure was announced back in June and took effect after the annual general meeting. The company, which holds over thirty million dollars in debt, is restructuring its board to bring in new expertise.
OK Zimbabwe has been struggling with serious operational challenges. It cited a steep revenue decline from issues like supply chain problems, unstable currency exchange, and heavy competition from informal markets. The board deferred naming a new chairman for now. Instead, they appointed five new non-executive directors. These are Charles Msipa, Tracey Mutaviri, Tawanda Masose, Brian Mabiza, and Everton Mlalazi.
Their backgrounds cover law, manufacturing, marketing, corporate finance, and audit. Msipa, for example, recently retired as managing director of Schweppes Holdings Africa. These appointments follow several other director resignations after the annual meeting. The company stated it wants its collective experience to help execute a turnaround strategy.
OK Zimbabwe has been struggling with serious operational challenges. It cited a steep revenue decline from issues like supply chain problems, unstable currency exchange, and heavy competition from informal markets. The board deferred naming a new chairman for now. Instead, they appointed five new non-executive directors. These are Charles Msipa, Tracey Mutaviri, Tawanda Masose, Brian Mabiza, and Everton Mlalazi.
Their backgrounds cover law, manufacturing, marketing, corporate finance, and audit. Msipa, for example, recently retired as managing director of Schweppes Holdings Africa. These appointments follow several other director resignations after the annual meeting. The company stated it wants its collective experience to help execute a turnaround strategy.
