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RioZim Limited has appointed Mr Noah Matimba as the group’s new chief executive following the dismissal of Mr Ashton Ndlovu last month.
RioZim recently announced the resignation of Mr Ndlovu as the group chief executive to pursue personal business interests. He joined the company in April 2012.
The company said Mr Matimba has vast experience in business management acquired through several years as a senior executive with various organisations in Zimbabwe as well as a business management consultant for several years in the region.
Mr Lovemore Chihota comes in as the new board chairman after having been elevated from being a director in the outgoing board.
RioZim said Mr Chihota brings a vast wealth of experience after having served on the boards of various public institutions and private companies. He joined the RioZim board in 2013.
The company said the new directors will hold office until the next annual general meeting whereupon they shall be eligible for re- election.
“These appointments serve to ensure that the business development momentum created by the previous board is maintained following the retirement of board chairman Mr Elisha Mushayakarara and non-executive directors Messrs John Nixon and Albert Nhau,” said RioZim in a statement.
RioZim said the company is profoundly grateful for their invaluable contribution over the years, noting that Mr John L. Nixon has been associated with the company for 42 years and has served on the board for 25 years.
The company said the new board headed by Mr Chihota will bring diversity and a wealth of experience to the company’s operations.
In its financial results for six months to June this year, RioZim said lower production at Empress Nickel Refinery and Renco resulted in the group’s turnover declining by 31 percent to $39,9 million from $56,8 million recorded in the same period last year.
As a result, for the first time since the implementation of the group’s turnaround strategy in April 2012, the group made an operating loss of $4,6 million (2013: operating profit of $2,2 million.
Meanwhile, RioZim intends to raise about $10 million through a rights issue to revive Cam and Motor Gold Mine in Kadoma.
The funds derived from the rights offer will be specifically earmarked to pay for capital expenditure and working capital costs required for the reopening of the Cam & Motor Mine.
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