Big send-off for outgoing FBC boss

from business associates, friends and relatives on Monday after 13 years at the helm of the financial group.
At his farewell party Mr Gwata said contrary to market rumour, he left at his request at a time the firm is in the strongest position and destined for growth.
The rumour mill postulated Mr Gwata was forced out over non-performing loans extended to companies he was associated with.
“In Zimbabwe the belief is that CEOs never leave on their choice, but are forced out. That belief has become part of our corporate culture,” he said.
The humorous ex-FBC boss said he was satisfied with the legacy and stability he had left at the firm he joined in 1998, less than two years after it formation.
“We have built a solid, strong and professional management team,” he said.
Former FBC Bank managing director Mr John Mushayavanhu has replaced him.
Mr Gwata said there were huge improvements from the period 1998 to 2003 when there were several power struggles at management, board and shareholder level.
“The situation later stabilised and normalised very significantly from the year 2004 onwards. For the last seven years professionalism took root at the management, director and shareholder level,” said Mr Gwata.
He said the board of directors at holding and subsidiary level were the most professional men and women compared to any business sector in Zimbabwe.
Speaking at the farewell, FBC Holdings chairman Mr Herbert Nkala said the departure of Mr Gwata made everyone sad and happy at the same time.
“It is Livingstone’s retirement from FBC Holdings Limited after 13 years of successful service.
“We are sad that he is leaving, but we are also proud and happy of what he did and achieved for FBC Holdings,” said Mr Nkala.
Mr Gwata joined the then First Banking Corporation in 1998 during the bank’s formative years when it was one year old and only had three branches, leaving the comfort and security provided by a multinational bank that he worked for.
He had started from Standard Chartered Bank in 1974 as a graduate trainee from the University of Rhodesia and rose through the ranks to become the first black branch manager. He rose through the ranks to become executive director and eventually deputy managing director.
After 24 years with Standard Chartered he took over at FBC in 1998, overseeing the acquisition of Southern African Reinsurance Company and the listing of FBC Holdings in 2004.
“A short 13 years later FBC now boasts of seven companies, two of them listed on the Zimbabwe Stock Exchange and growing.
Under Mr Gwata’s stewardship the group navigated difficult times that saw many casualties, said Mr Nkala.
He said when FBC listed in 2001 the financial market was congested, which tempted other players to take “eccentric but costly decisions” to make profits.