It is clear that the Board of Directors at Zambeef had a lot on their minds when they issued their first SENS announcement for 2019: an exit and an eminent promotion. SENS announcement coming from the company on 5th February 2019 notified shareholders of the eminent departure of a stalwart Executive Director from the Zambeef Board.
Outgoing Board Member Yusuf Koya has been with the company since May 2005 when he joined as Group General Manager. In June 2006, he was appointed a Board Director/Member of Zambeef according to the SENS announcement.
From the statement issued by the company, it is clear Yusuf holds a special place in the board’s hearts. “The Board has greatly appreciated the experience and support he has contributed to the growth and development of the Company” read the statement from the Board. Furthermore, it was his instrumental participation in the company’s stock exchange listing in London”.
The board chairman, Dr Jacob Mwanza also expressed his gratitude in his statement which read “Yusuf Koya has been a valued colleague for many years. I would like to thank him for the tremendous contribution that he has made to Zambeef since he joined the Company almost 14 years ago. Yusuf has played and continues to play a valuable role in supporting the growth of Zambeef through his vast knowledge and experience of banking and corporate finance.”
Yusuf was prided for his involvement in a number of corporate actions. Of note, that company were grateful for his role in the successfully raising debt finance of over USD100 million over the last 14 years, resulting in the Company becoming one of the largest agri-businesses in Zambia and the surrounding region, read the statement.
A holder of BSc in Geology & Economics (Keele University, UK) and an MSc in Economics, Yusuf will still remain an employee of the company in a role that was not announced by the board.
What was surprising albeit standard practice was the board’s decision to also announce the eminent departure of Francis Grogan at the end of 2019. “We are also pleased to announce our intention, subject to the completion of various regulatory processes, to appoint Walter Roodt to the Board of Zambeef.” read the statement which Financial Insight believes is the change in the Management DNA of Zambeef following the arrival of CDC”.
Although Walter, a holder of a Bachelors and Master of Science in Animal Science and Nutrition from University of Pretoria, is currently employed as Deputy Managing Director and is designated as the future CEO once the incumbent retires at the end of the year, it is hardly 11 months since the market was notified in March 2018 of the departure of the then Joint Chief Executive Officer Dr Carl Irwin.
Walter’s strength in animal science and nutrition shows a strong indication that the direction of the company will most certainly consolidate on its livestock and feedstock lines of business. Streamlining operations has been the Zambeef way since the arrival of CDC and the company’s subsequent disposal of assets such as Zampalm which served only as a distraction to a management that chose to remain focused in an industry that shows potential for growth.
It will be months before Francis hands over the keys to the castle but one can only imagine the emotional journey his final walk will be. howwemadeitinafrica.com provides an interesting story about how he got this whole adventure started that saw a small little butchery turn in an equity financed mega corporation with business tentacles across Africa.