Online Reporter
Nqobile Bhebhe, Zimpapers Business Hub
THE Zimbabwe Stock Exchange (ZSE)-listed retailing firm OK Zimbabwe Limited (OKZL) has said its long-serving Board Chairman, Mr Herbert Nkala, will not be seeking re-election as Director and Chairman of the Board at the forthcoming Annual General Meeting (AGM).
The AGM is scheduled for 17 July.
This is part of a broader leadership renewal strategy aimed at steering the Company through a critical turnaround phase, and the decision comes at a time when the retail outlet is undergoing a significant organisational transformation.
“As OKZL embarks on a critical turnaround journey, it is imperative that the Company injects fresh perspectives and a new leadership,” the firm said to shareholders.
“The successful implementation of a medium- to long-term sustainable strategy requires a Board with new insights to guide the business into its next chapter. In this spirit, and in recognition of the need to refresh and realign the Board with the Company’s future strategic direction, the Board Chairman will not seek re-election as Director and Chairman of the Board at the forthcoming Company Annual General Meeting.”
The firm expressed confidence that the reconstituted leadership team will be well-positioned to drive long-term value creation and restore stakeholder trust.
“The Board believes that the new stewardship of the Company is well positioned to deliver long-term value for all stakeholders,” the statement added.
Mr Nkala has been a central figure in the governance of OK Zimbabwe and is credited with providing steady leadership during both growth and challenging phases of the Company’s history.
Mr Nkala replaced Mr David Lake, who stepped down in 2018.
Mr Nkala joined the OK Board in 2012.
He boasts wide experience as a business leader and has sat on and chaired many public and private boards in and outside Zimbabwe.
The current interim management team, appointed by the Board, has been tasked with stabilising the business and crafting a high-level turnaround strategy.
“This transitional leadership has played a critical role in laying the foundation for recovery and repositioning the Company for sustainable growth,” the Company said in a statement.
To ensure successful execution of the impending turnaround programme, the Board, in collaboration with interim management, will initiate the process of appointing a substantive executive leadership team.
The incoming executives will be selected based on a demonstrable track record in operational excellence, strategic foresight and in-depth retail sector expertise.
The BAD treatment of its suppliers, the poor management of the last few years. Now the equally poor decision to sell assets to plug a hole adn not for working capital! SHUT IT DOWN. That’s the merciful thing to do