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Natasha Chamba, Business Reporter
BRITISH American Tobacco (BAT) managing director Mrs Clara Mlambo has resigned.
The company announced the development in a statement and said it was already seeking a replacement for her.
“The board of directors of British American Tobacco Zimbabwe (Holdings) Limited wishes to advise its shareholders that Mrs Clara Mlambo resigned as managing director of the company effective 30 June 2019,” it said.
“The board further advices that it is in the process of recruiting a replacement for Mrs Mlambo and will advise its shareholders as soon as an appointment has been made.”
Mrs Mlambo has resigned after serving three years as BAT’s managing director.
She was one of a handful of female managing directors and chief executive officers on the Zimbabwe Stock Exchange.
In her past career, Mrs Mlambo occupied the position of managing director and director at BAT Zambia.
Meanwhile, the company has projected that its operations in 2019 would be challenging because of rising inflation and forex shortages.
In its financial results for the year ended December 31, 2018, BAT had posted a 18 percent increase in after tax profit to $31,4 million from $26, 7 million in the previous year.
The company’s revenues were up 16 percent to $42, 7 million from $36, 8 million in the comparable period.
— @queentauruszw
Online Reporter
Bongani Ndlovu