22 November 2012

Zimbabwe: Innscor Boss Quits

INNSCOR Africa chief executive Mr Tom Brown has resigned from one of the country's leading conglomerates following a fall out with one of the founders Mr Zed Koudounaris, sources have said.

Mr John Koumides, a former group chief executive and a board member will take over from Mr Brown and the formal announcement is expected tomorrow .

The exact details on the fall out between Mr Brown, who has been Innscor chief executive since 2008 and Mr Koudounaris could not be immediately established by the time of going to print yesterday.

"Right now it is unclear what could have gone wrong between them but they had serious differences on certain issues.

"In other words, it is smarter to say their separation was not amicable. There are issues," said one of the sources close to the outgoing chief executive.

"Probably, the reasons on the fall out would be talked about on Friday at the annual general meeting. But as it is now, the source of the fall out (between the two) is not clear."

Mr Brown could not be reached for a comment by the time of going to print yesterday.

Innscor finance director Mr Julian Schonken refused to comment on the matter but confirmed some announcements would be made at the company's AGM on Friday.

Innscor, the Zimbabwe Stock Exchange listed conglomerate is into manufacturing of fast moving consumer goods, retail, distribution, tourism and fast foods in Zimbabwe, Zambia, Malawi, Kenya, Ghana, Senegal and Nigeria.

It owns about 80 percent shareholding of Colcom, a meat processor and 38 percent of National Foods Limited, both listed on the ZSE. The group has also interests in poultry company Irvine's with 49 percent shareholding in the firm.

Innscor was one of the companies to capitalise its local operations post dollarisation, especially the segments which were undersupplied. With a total market value of US$384 million, the company is one the most capitalised firms on the ZSE alongside companies such as Delta Corporation, Econet Wireless, PPC Zimbabwe, Hippo Valley Estates and OK Zimbabwe.

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