Changunda appointed new POSB boss

PEOPLE’S Own Savings Bank (POSB), has appointed Mr Garainashe Changunda as the substantive Chief Executive Officer with effect from the first of February 2023.

Mr Changunda who was the bank’s acting CEO since November 2022, takes over from Mr Admore Kandlela who retired from the bank late last year after nearly two decades at the helm of the institution.

The bank’s new CEO is a chartered accountant and holds a Bachelor of Commerce in Accounting acquired from the National University of Science and Technology (NUST) in 1999, a Bachelor of Accounting Science Degree from the University of South Africa (UNISA) in 2002, and also did a Master of Business Administration with NUST in 2017.

Before his appointment as CEO, Changunda served in the capacity of Chief Finance Officer since 2017.

He has over 25 years of experience in strategic and operational performance management under several banking institutions in the country.

“The POSB board has with the approval of the Minister of Finance and Economic Development appointed Mr Garainashe Changunda as the chief executive officer of the People’s Own Savings Bank effective from the 1st February 2023.

“The board is confident he possesses the combined wealth of knowledge, skills, and industry experience necessary to drive the overall effectiveness of the bank,” said Dorothy Mapimhidze, the POSB Company Secretary.

According to the POSB, the board is confident that under his leadership the bank is poised for sustainable business growth, transformation, and greater achievements given his track record as a results-oriented and accomplished executive.

Mr Changunda is also a member of the Institute of Chartered Accountants of Zimbabwe (ICAZ) and the Public Accountants and Auditors Board (PAAB).

He is carrying on from Mr. Admore Kandlela who joined the bank in 2003 with a responsibility to lead its commercialization process and at the time of his retirement, was spearheading the bank’s partial privatisation process.

Kandlela is known for overseeing the bank’s restructuring process which led to the introduction of various products including salary-based loans, SMEs lending, treasury, corporate and international banking, microfinance and mortgage banking which significantly drove the bank’s functional efficiency.

His retirement is in line with statutory provisions limiting the tenure of State CEO to a maximum of 10 years.

The government controls 100 percent shareholding in the business, which is currently undergoing processes to open up its ownership to the private sector under a privatisation programme.