KEY POINTS
- Mutapa Investment Fund appoints new boards for six state-owned companies.
- Kenias Mafukidze as chairperson of People’s Own Savings Bank.
- Appointments aim to improve performance and oversight.
The Mutapa Investment Fund has revealed new appointments to the board of directors across six strategic state enterprises in Zimbabwe. The action is in line with the government plan to improve management and responsibility in these state-endorsed organizations. John Mangudya of the Mutapa Investment Fund legalized the appointments through General Notice 1387 of the year 2024.
In its place, Kenias Mafukidze, a highly experienced senior business executive with over three decades of executive experience took the position of the chairperson of People’s Own Savings Bank (POSB). Mafukidze is also the Alpha Media Holdings chief executive officer and will be assisted by Vongai Chiwaridzo who was appointed vice chairperson. Their terms, together with the other members of the board, shall be four years from September 1, 2024.
Major changes at state-owned enterprises
According to NewsDay, the new members of the POSB board are Dr Newton Demba, Ms Michelle Hakata, Dr Dennis Magaya, Mr Anymore Taruvinga, and Mr Munyaradzi Chiura. Florance Mafukidze has a background in chartered accounting and holds multiple degrees in business, specializing in finance. The appointments demonstrate the government’s preparedness to enhance performance in POUs through competent human capital.
Apart from POSB, there were other unprecedented changes in leadership within other state entities. Zesa Holdings, the country’s power utility company selected Syndrome Gata as its executive chairperson. Gata will deputize the chairperson under whose leadership will be vice chairperson, Albert Nduna, a prominent personality in the insurance business. Other new board members of Zesa Holdings include Irene Jeke, Miriam Chahuruva, and several other professionals from the industry.
Boosting operations across sectors
The Mutapa Fund’s decision extends beyond POSB and Zesa. Mangudya also appointed other key positions in Cottco, Silo Food Industries, Allied Timbers, and Air Zimbabwe. At Cottco, bankers Rufaro Hatendi and Raphael Ranganayi were appointed to the board. On the other hand, Silo Food Industries received Admire Masenda into their board of directors. Legal counsel Bertha Muzangaza was included in the Allied Timbers board, while Farai Mpofu as well as Dedrey Mutimutema were included in the Air Zimbabwe board of directors.
These appointments seek to transform the companies’ governance and also seek to boost the performance of those companies that are very crucial in Zimbabwe’s economy.
