4 May 2014

Zimbabwe: Mangudya's CBZ Swan Song

JOHN Mangudya sat at the high table during the meeting of CBZ Holdings shareholders on Wednesday, sandwiched between board chairman Richard Wilde and his successor Never Nyemudzo.

He looked calm and composed despite the tough task ahead of him as central bank governor, a post he officially assumed a day later.

It was his last appearance in the CBZ hat as he officially resumed the governorship mantle on May 1.

He didn't say anything as Wilde presided over the business of the day and Nyemudzo gave shareholders a trading update.

It was the first time that Mangudya had not presented the outlook as group chief executive. Be it analysts briefings or AGMs, Mangudya and Nyemudzo would always help each other to field questions.

It was a different scenario on Wednesday.

After the AGM, Mangudya posed for a photo session with Wilde and Nyemudzo. He then engaged in discussions with the country's first black Central Bank governor Kombo Moyana who seemed to have come to wish Mangudya well ahead of his tough task at the central bank.

One of the ordinary matters on the agenda for Wednesday's meeting was to note the retirement of Mangudya from the board after nearly five years. He joined the board in 2009.

The passing of that resolution freed Mangudya to resume his new duties as the regulator where it all began 28 years ago.

The meeting also confirmed the appointment of Nyemudzo as Mangudya's successor and Colin Chimutsa as group chief finance officer.

Shareholders also confirmed Wilde as board chairman, replacing Luxon Zembe who resigned in February.

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