The only listed sugar cane growing and processing company on the Lusaka Securities and Exchange has announced the retirement of its first ever woman Chief Executive Officer of the Zambia outfit, according to a statement from the company.
“Pursuant to section 3.59 of the LuSE Listing Requirements, the Board of Directors of Zambia Sugar PLC (“the Board”) wishes to announce the retirement of its first-ever woman Country Managing Director in Zambia Sugar Plc as well as in the Illovo Group, Mrs Rebecca Katowa effective 31st August 2021”, read the statement issued by Company Secretary Harriet Kapekele-Katongo in Lusaka on 6th September 2021.
Rebecca, who has a strong marketing background, has been at the helm of Zambia Sugar for more than 6 years was charged with one of the most ambitious projects that transformed the company in Project PAAR. Through this strategic project, the company has been able to improve output from production and grown sales over the last 3 years. Evidence of the improved performance was seen when the company finally declared a dividend in 2019 after a 4 year hiatus to pave way for completion of the project and aggressively reduce the company’s debt profile.
The Board has signaled its pride over her achievements. “The Board would like to thank Mrs Katowa for her diligent leadership and having overseen the significant turnaround in the business since her appointment in 2015. She leaves behind a business that is well positioned for growth opportunities ahead”
The company has further indicated that Rebecca will remain on the Board of Directors during this transitional period. “Mrs Katowa remains on the Board as Director until the completion of the transition to the new Country Managing Director”.
The choice for her replacement is Oswald Magawenzi. “The Board has appointed Mr Oswald Magwenzi as Managing Director effective 1st September 2021”.