Legat to step down as Imara CEO this month

Tapiwanashe Mangwiro
Business Reporter

IMARA Asset Management Zimbabwe (IAMZ) chief executive officer Mr John Legat will retire from his position on June 30, after 27 years at the helm.

During his tenure, Mr Legat transformed an ordinary boutique advisory outfit into one of the country’s foremost asset managers.

In a statement issued by the board, the firm paid tribute to his foundational role.

Mr Legat founded IAMZ in 1998 and has moulded IAMZ into one of the most significant players in the Zimbabwe asset management industry, the company said.

The firm said it would retain him as both a non-executive director and as a consultant to management to ensure clients and staff continue to benefit from his invaluable expertise.

Mr Shelton Sibanda, with 16-years of service at Imara, will replace Mr Legat as CEO, after rising through the ranks to become the chief investment officer in 2022.

IAMZ noted that, “Shelton has demonstrated exceptional leadership and investment acumen,” and highlighted this during tenure as Chairman of the Association of Investment Managers of Zimbabwe.

A CFA charterholder, Mr Sibanda is credited with helping to grow the firm’s institutional and pension-fund assets to over US$335 million as of March 2022, a track record that underpins the board’s confidence in his appointment.