adminHe resigned this week.
Addressing a press conference on Wednesday, Mr Nyambirai said he was stepping down at Econet because the telecommunications company had given him an offer to buy out the remainder of his shareholding in TN Bank in exchange for shares in Econet.
He said this saw him resolving to cease being an independent chairman and director of telecommunications firm, although he would sit on the board of Econet Wireless Global.
“I am privileged to have been the chairman of Econet for about 10 or so years now, but as a result of a recent development . . . I have since received an offer to buy out the remainder of my shareholding in TN Bank in exchange for shares in Econet wireless.
“The result will be that TN Bank will become a 100 percent subsidiary of Econet Wireless. The offer which I have already accepted . . .
“The result of the offer is that I will be a minority shareholder in Econet Wireless, as a result of which I will cease to be independent. I have been an independent chairman of Econet and in that regard have discharged my duties as best as I could in all the circumstances.
“But because I will cease to be an independent director and an independent chairman of Econet I have made an election to step down from the Econet board. I returned from London today where I had a face to face meeting with Strive Masiyiwa to tender my resignation to him.
“So I will cease to be an Econet director. I have elected rather to sit on the board of Econet Wireless Global which is the international company that is the holding company to Econet Wireless Zimbabwe,” said Mr Nyambirai.
In a statement, Econet corporate communications Mr Rangarirai Mberi said Dr Myers was a retired former vice president for Africa of South Western Bell, now part of AT&T, the world’s largest telecoms company by value
He said the veteran telecoms executive once served as the president of Southwestern Bell International Development Africa from 1985 to 1998 and also served as its executive vice president from 1994 to 1995.
“Dr Myers served as the president of JMA from 1991 to 1993. Prior to that, he was president of the Gannon Group from 1979 to 1991. From 1969 to 1978, Dr Myers served as principal of Arthur Young & Company, and from 1965 to 1969, he was an operations research analyst at Texas Instruments,” said Mr Mberi.
Dr Myers is a consultant and has over 30 years of international business experience specialising in the telecommunications industry. At present, he is the non-executive chairman of the Johannesburg Stock Exchange-listed York Timber Holdings Limited.
He holds a Bachelor of Arts in Mathematics from Texas A&M University, a Master of Arts in Mathematical Physics from the University of Arizona and a Doctor of Philosophy in Industrial Engineering and Operations Research from Texas Tech University.
Mr Mberi said Dr Myers first came to prominence in Africa when he led the team that acquired MTN South Africa in the early 1990s on behalf of the giant American company before it later sold it.
“After that, he led a consortium, which included Malaysia Telecom, that controlled Telkom South Africa for many years,” he said.
In a brief statement on the departure of Mr Nyambirai from the board, Econet Wireless founder Mr Strive Masiyiwa said:
“Tawanda Nyambirai has done an extraordinary job for us. He led the legal team that fought for the original licence in the courts.
“He has overseen the development of the business ever since I left Zimbabwe 12 years ago.
“He is a historical companion to me, and I look forward to working even closer with him, in other roles that I have for him”.
On Dr Myers, Mr Masiyiwa said it was a testament of how far the Zimbabwean company has come when it could persuade international businessmen of the calibre of Dr Myers to head its board.
He described Dr Myers as “a man of impeccable credentials and integrity who will oversee the next phase of the Zimbabwean business’ development”.
Online Reporter