Munyeza quits CEO post

Oliver Kazunga Senior Business Reporter
SHINGI Munyeza has stepped down as the chief executive officer of the hospitality group, African Sun Limited with immediate effect, to pursue other business interests in the tourism industry.Munyeza yesterday confirmed he was leaving African Sun after serving the group for 13 years.

“I’ve stepped down as African Sun chief executive officer with immediate effect. I’m leaving the group to pursue other interests in the tourism industry after serving African Sun for 13 years,” he told Chronicle Business.

“Having served for such a period one needs to give an opportunity to another leader. I’m leaving the company at a time it has shown stronger   growth.”

Addressing an annual general meeting in Harare yesterday, Munyeza said the company registered a 70 percent growth in earnings before interest tax depreciation and amortisation (EBITDA).

“The growth of EBITIDA was affected by the outbreak of the Ebola epidemic in West Africa, which had a world ripple effect on travel trends,” he said.

During the same meeting, incoming chairman Herbert Nkala said Munyeza expressed a desire to leave the company to pursue private business.

“Consequently, and by mutual consent, it has been agreed that Munyeza will be leaving the company after 13 years . . .” he said.

In the interim, Nkala said the board had appointed the group’s company secretary Edwin Shangwa as the acting chief executive officer.

African Sun recorded a 1.3 percentage increase in revenue to $56.7 million up from $55.9 million last year.

Nkala said for the financial year 2014, the company’s total borrowings were in excess of $18 million while the company’s debt now stood at $14.2 million.