Online Reporter
Zimpapers Business Hub
OK Zimbabwe’s board chairman, Mr Herbert Nkala, has retired from his position after he did not offer himself for reelection during the company’s annual general meeting (AGM) on December 11, 2025.
The giant retailer has since made new board appointments, with Mr Charles Msipa appointed non-executive director effective December 12, 2025, along with Mr Brian Mabiza, Mr Everton Mlalazi, Mr Tawanda Masose and Ms Tracy Mutaviri.
Mr Msipa retired from Schweppes Africa Holdings as managing director in April this year, having served the company for over 20 years.
Ms Mutaviri is the only surviving non-executive director from the previous board.
OK is expected to hold its first board meeting tomorrow, where the election of the new chairman is among the key issues on the agenda.
According to the December 11 AGM notice, Mr Nkala was scheduled to retire at the conclusion of the meeting and did not offer himself for re-election.
He leaves the country’s largest retail chain by store number, after seven years at the helm.
The AGM also saw the resignation of several other directors, including Mrs Rose Mavima, Mrs Kiitumetsi Zawanda, Mr Wonder Stan Nyabereka and Mr Rutenhuro James Moyo, Mrs Lyndsay Webster-Rozon and Mr Tawanda Lloyd Gumbo.
This month’s AGM also confirmed the appointment of Mr Willard Zireva as group chief executive officer (CEO) and Mr Alex Edgar Siyavora as chief finance officer (CFO), with effect from February 26, 2025, their second stints with the group.
The duo’s return follows the departure of former CEO Mr Maxen Karombo and the exit of ex-CFO Mr Phillimon Mushosho and supply chain director Mr Knox Mupaya through voluntary separation agreements, following a tumultuous period for the group.
The retail giant approved a hybrid recapitalisation strategy, comprising equity (rights issue) and freehold property disposal.
To provide experienced leadership, restore operational stability and rebuild confidence among suppliers, the board earlier this year reappointed Mr Zireva, who had previously served as CEO for more than two decades.
Mr Siyavora also returned to his previous CFO position, while Mr Muzvidzwa Chingaira was appointed supply chain director.
The leadership changes at OK were triggered by serious financial challenges at the retailer, including outstanding creditor balances, particularly in US dollars, which constrained its capacity to meet its financial obligations to suppliers, resulting in huge stockouts across most outlets.
The group’s half-year financial results for the period ended September 30, 2025, showed the retailer slipped into a net loss of US$17,81 million as collapsing sales, rising payables and elevated short-term borrowings laid bare the depth of the group’s challenges.
Sales volumes plunged by 82,68 percent, from 139 88 million units to just 24,23 million units during the reiew period, reflecting limited stock levels, supply disruptions and closure of underperforming stores under a restructuring programme.
Despite OK settling about 50 percent of legacy debt using proceeds from the capital raise, suppliers have yet to restore normal trading terms, continuing to limit stock availability across stores.
As part of the turnaround plan, OK has closed non-viable outlets, including Food Lover’s Market franchise stores, and now operates 62 strategically located stores. Management has intensified reviews of store profitability, staffing levels, rental commitments and internal processes to align costs with current trading conditions.
Workforce rationalisation was implemented during the period as the group sought to balance sustainability with the realities of a shrinking revenue base.
