On 3rd April, investors were informed through SENS announcement that the Board of BATA was parting company with their Managing Director Prosper Bachi who had served at the helm of the shoe maker in Zambia for more than 15 years.
The shoe maker had recently announced increasing its turnover by 10% for the 2018 financial year. In light of the company performance during the year which also saw it opening 3 new stores and renovating 10 stores, the Board of Directors recommended a dividend payment of K0.10/share compared to K0.07/share in 2017.
“Pursuant to section 3.59 of the LuSE Listing Requirements, the Board of Directors of BATA Shoe Company PLC wishes to notify the market of the retirement of Mr. Prosper Bachi effective 1 April 2019 who served as managing director for more than 15 years. The Board greatly appreciates the experience and support Mr Prosper Bachi has contributed to the development of the Company and wish him well in his future endeavors”, read the statement from Nicholas Mudaly, Company Secretary at BAT Zambia on behalf of the Board of Directors.
In the same announcement, the Board announced his replacement. “The Board wishes to further announce the appointment of Mr Sin Kee Lee as new managing director”. The statement further indicated that Lee has served in the Bata organization with over 30 years of experience in Malaysia and recently as Retail Manager in Bata Bangladesh prior to his recent appointment.
The choice of a Retail man for the top job is an interesting one. Retail managers are typically responsible for ensuring their staff give great customer service as well as monitoring the financial performance of the store. Typical responsibilities of the job include: recruiting, training, supervising and appraising staff and managing budgets.
Decoding the Bata strategy indicates that they understand they are in competitive waters. A man like Lee steps in with his understanding of protection of the core value preposition and ensuring customer retention through improved customer service. We envisage amplification of the brand.