In a move that shocked the market, Monica Musonda resigned from her position as board member of Zambia Sugar Plc on 16th May 2019.
Monica has had a successful 15 year career in corporate finance having studied at University of Zambia and in the United Kingdom. She worked with one of Africa’s richest men, Aliko Dangote, as director of legal and corporate affairs at Dangote Group, where she led a project to build a cement plant in Zambia, according to a brief biography on “how-we-made-it-in-Africa” website. Monica who also current serves as Board Chairperson of Airtel Zambia Plc, was appointed to the role of board member of the Illovo group company in 2017.
“In accordance with Section 3.59(b) of the Lusaka Securities Exchange Listings Rules (“LuSE Listings Rules”), the Board of Directors (“the Board”) of Zambia Sugar PLC (“ZSUG” or “the Company”) wishes to announce the resignation of Ms. Monica Katebe Musonda as Director of the Board effective 16th May 2019”, read the statement issued by Zambia Sugar Company Secretary Mwansa Mutimushi on Stock Exchange News Services (SENS) on 30th May 2019.
The 2017 African Agribusiness Entrepreneur of the Year award recipient’s exit from the board reduces the female representation on or reporting to the Zambia Sugar board which will now only have CEO Rebecca Katowa, Company Secretary Mwansa Mutimushi and Finance Director Faith Mukula as the remaining ladies on the high table. Monica is currently Chief Executive Officer and Founder of Java Foods, a food processing company based in Zambia that she established to provide affordable nutrition to the southern African market. Through Java Foods, Monica seeks to revolutionize the eating habits of the youth market by offering them affordable and nutritious food options made from local products making her exit from Zambia Sugar an unfortunate development.
The company is yet to announce who will be replacing Monica on the board as a non executive director.