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from Mr Martin Matanda who is the acting CEO.
Mr Munyukwi led the bourse from 2001, but was suspended in May last year on allegations of incompetence, which included alleged failure to demutualise the bourse.
The Herald Business understands that the bourse will have a new substantive CEO in place within two to three months as the process is already underway.
ZSE chairperson Mrs Eve Gadzikwa would not discuss the timelines for the appointment, but confirmed the process to appoint a new CEO had begun.
“The process is already underway as we speak,” she said.
“With such a position of high authority, the board is not prepared to rush the appointment.”
She agreed with concerns from stakeholders that appointing a new substantive CEO had taken “too long”, but argued that this was necessitated by the need to ensure a suitably qualified candidate was found.
“We are taking all measures to ensure that we get the right candidate with requisite skills, experience and knowledge, local or foreign. It is very important that we get a competent person to take that role,” she said.
Mrs Gadzikwa added that the ZSE board, in appreciating the importance of key personnel for such a strategic institution, had also made other key appointments.
These included a finance director, listings executive and information communication technology officer last year and this year.
The ZSE had previously relied on hiring finance specialists on a consultancy basis, but the board felt that an institution of ZSE’s calibre needed a full-time executive. The need for a full-time ICT specialist dovetails into the bourse’s new data portal services platform, launched recently, and related planned IT programmes.
Questions had arisen on why the ZSE board had taken so long to appoint key personnel, such as the substantive CEO for an institution with such a mandate.
The country’s only capital market hosts 76 companies with a market capitalisation of US$5,4 billion and provides a major platform for raising foreign capital.
Among reasons for Mr Munyukwi’s fallout with ZSE were allegations that he failed to register ZSE with the Securities Commission, which regulates capital markets.
The ZSE board also allegedly questioned the manner in which Mr Munyukwi handled the Ariston Holdings and Rio Zim recapitalisation transactions.
In June 2009, Mr Munyukwi clashed with the commission after the bourse ignored a directive by the latter to stop TN Holdings’ extraordinary general meeting.
Online Reporter