The ink had hardly dried on Executive Director and Board Member Yusuf Koya’s departure from the Zambeef Board on 4th February 2019 before another announcement from the company was made that the Chief Financial Officer Craig Harris would also be following suit.
Craig resigned on 12th February barely a week after the company had announced the departure of Yusuf who was instrumental in raising the funds that formed part of the capital that Craig used in managing the capital structure of Zambeef over the last seven years in the role. It marks barely a year after the then dual CEO Dr Carl Irwin exited following CDC’s investment into the company.
His importance can be sensed in the statement attributed to the board which has indicated that they will be looking to the Succession and Remunerations Committee to find a new CFO from the pool of senior managers that served under Craig. The importance of a CFO cannot be understated as Craig has been the architect at the heart of providing guidance as CFO on the sort of capital structure that has led to the company now becoming a pan African firm. However, the company has indicated that they are now streamlining their operations and focusing on their core business. Decisions such as offloading Zamplam indicate that projects that show no returns will no longer be entertained by the newcomers on the board.
Notable transactions that Craig oversaw include the financing of the ZamHatch-ZamChick deal from Rainbow and the sale of Zamplam to IDC. In addition, he was at the heart of providing the management team with the necessary financial advice regarding CDC’s approach for shares. Laden with debt at the time of the acquisition, CDC’s proposal to not only refinance the debt but also help capitalise the acquisitions that the company pursed must have were notable attractions that glittered for the outgoing CFO. Such deals were part of the dedication that was attributed to him that was express in the statement that read “the Board wishes to thank Craig for his dedication and contribution to the company since his appointment in 2012 and wishes well in his future endeavors”, according to SENS announcement published on 12th February quoting the Board Chairman Jacob Mwanza in Lusaka.
A spot check on the stock price on the company’s LuSE and London AIM listing showed no movement in the share price following the announcement. However, the AIM listing showed a 30% rise from the previous weeks announcement with the LuSE showing no signs of movement following the Yusuf announcement which came padded with the company giving notice of a new incoming CEO at the end of the year marking the end of an era for Francis Grogan.