With a nine billion US Dollars asset balance sheet to achieve, Mr Mateyo Chresta Kaluba has his sleeves folded. He rose from a simple registry clerk in his formative years, to his current position of Group Chief Executive Officer of the Industrial Development Corporation (IDC) established to create and maximize long-term shareholder value as an active investor on behalf of the Zambian government.
Mr Kaluba, a confident, self-motivated, articulate, and personable Policy Analyst and Economist with 20 years of professional experience in the public sector and over 10 years in economic and social planning at Senior Management level, is one to stand boldly with the radical transformational agenda to change the face and culture of parastatals. He stands at the helm of the government’s strategic plans to see the country industrialized, coupled with rural developmental activities through the creation of new industries.
It is notable that IDC’s operations were on ice as the corporation sought to gain public trust with the suspicions and politics of acceptance and acknowledgment. However, IDC thought to take the radical way of change, starting with the work ethic that saw the introduction of performance-based contracts from the board down to the employee. Subsequently, the hurdle that was now presented to IDC was the work culture of their subsidiaries. This was a culture that was fraught with no concern for return on investment, no care for strong internal controls, and no boards that reflected performance-based results.
The 2017-2021 strategy set in place paved the way for, as Mr Kaluba calls it, the “Public sector cultural transformation” agenda. However, with a portfolio to build from scratch, they were still challenged with the little information that was available. But this was not a pullback for Mr Kaluba as their eyes were set on turning companies around. The team forged ahead with their plans despite not having any baseline or guide for implementation.
Mr Kaluba confidently says that “the performance-based contracts hold each one accountable and for that fact causes a cascading effect from the CEO to his employees, ensuring everyone is performing, in turn, strengthening corporate governance as a whole. It’s a great shift”.
Mr Kaluba attributes his work ethic and hunger for result to his lessons from his childhood. “Growing up, I remember always associating my father to hard work as he was never home but always at work as he worked as a Public servant. My father was a true mirror of hard work to me. When I joined the Public sector as a young man in 1993, I worked through my position as registry clerk to my first promotion only a year and a half later. I realized that I could rise above those who existed even before as long as I worked hard”.
As a young man, Mr Kaluba had the drive to impactfully contribute to national development, he was privileged as he moved to Ministry of Science and Technology – Vocational Training Division to the Ministry of Commerce, Trade and Industry as Director – Planning and Information. At this point, Mr Kaluba saw the direct effect of government reforms to the private sector and how every decision made had an impact on creation of jobs and provision of services by the private sector.
IDC is profit oriented and focuses on investing – achieving economies of scale in every way possible. “We analyze every venture and see possible profits before venturing. But we hope and are lobbying that Banks can encourage Green Field Investment through their financial services. This is the most lucrative venture that will see the rise of many industries,” Kaluba urges.
He attributes the initiation of the Solar project which was a total investment of 150-200million US Dollars to the need for a larger private sector as the majority stake was by Private players, with IDC only investing 30million. Most important, government need more of such ways to strategically attract investments and private sector partnerships.
It’s no longer a gamble to know that the IDC is working in its mandate. The leadership portrayed by Mr Kaluba can be described as one that is in sync with his individual values and the aspirations of the group. He mostly emphasizes the need for one to have a strong, learned, and motivated team. He stands on his (tried and tested) belief that a skilled team reduces the chances of high-risk decisions as one is guaranteed of their team’s research and recommendation.
IDC has proved its standard of work and has become an integrity-worth association with other corporative. On the other hand, the position of Chairman, who is His Excellency, the President Mr. Edgar Chagwa Lungu is one that is still generating debate. Nonetheless, Kaluba attests to his work relationship with the Head of State as he describes it as one without interference. In his reinforcements, he states “I have had the space to work and implement without being impinged upon by the President – It is an honour to work under him.”
It was necessary to have the Head of State to lead the Board despite the diverse thoughts that arose, because this is a major reform which is commercially and profit-oriented as such, needed the President as chairperson. Additionally, Zambians should be proud that IDC upholds corporate governance, and the results are evident.
“I am proud today working in the Public Sector because my job impactfully, contributes to the development of the country,” Mr Kaluba expresses confidently. “Finally, to all other CEO or leaders in the industry, it is my personal urge, that you lead from the front (battlefront). Leadership should be mirrored by reforms and change we want to see, most important, it goes without saying that it is all a team’s effort. Work as team”.
It is no longer a stretch for one to realize the role played by IDC. We can attest that there is much we desire from the public sector, but there is need to be patient on the long-term reforms as they implement. It may appear to be far-fetched in terms of achieving the goals that have been set for the group, but IDC is remaining faithful to the course of action. We should continue supporting local so as to see companies thrive.