Zambia Sugar Plc has announced the resignation of its Finance Director Faith Mukutu after a year and seven month spell at the sugar company.
“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 a change in the Company Directorate”, read a statement issued by Company Secretary, Mwansa Mutimushi on behalf of the Zambia Sugar Board on Monday 2nd September. “Shareholders are advised of the resignation of Ms. Faith Mukutu as the Finance Director and the Company’s Board Director effective 31st August 2019”.
Faith, who previous held the role at Zambian Breweries (another listed company), is the 3rd Finance Director to exit the role from the Sugar Company in 5 years. She joined the company at the epilogue of the transformational Project PAAR (the $80 million (R1 billion) sugar product alignment and refinery project).
In her last six months, her financial stewardship under the leadership of CEO Rebecca Katowa, saw the company improve its top line. “In the first 6 months of their 2019 financial year, Zambia Sugar reported an increase of 14% in total revenue compared to the previous period ending February (half way mark of the ZS financial year) thanks to improved irrigation and pest control”.
Without a doubt the management team will miss Faith as they were gracious in her exit. “The Board wishes to thank Ms. Mukutu for her valuable contribution to the Board and wishes her success in her future endeavours”. Financial Insight will be watching closely as this story develops.