The Board of Directors of Investrust Bank Plc has announced the departure of Mr. Harry Mafuta as Chief Financial Officer of the Company effective 10th October 2019.
“The Board would like to thank Mr. Mafuta for his invaluable contribution to the Company over the last 15 years, having first served as Financial Controller from 2004 to 2012, then as Head of Corporate & Investment Banking from 2012 to 2016, and finally as Chief Financial Officer from 2016 to date”, read a statement issued by Brian Msidi, the banks Company Secretary, issued on SENS in Lusaka on 11 October 2019.
A holder of an MBA from Oxford Brookes University, ACCA, and Bachelor’s degree in Accountancy from Copperbelt Univerity, Harry leaves the bank’s boardroom at a critical time when it is now recapitalizing.
During his time at the bank, he has seen the CEO position change hands a number of times with shareholder equity changing hands with the ascension of ZCCM IH now carrying substantial shares and boardroom presence. His appointment as CFO in October 2016 came at time when he was head of investment banking. A few months later, Simangolwa Shakalima was then appointed CEO at the end of that year ushering in a new era at the Bank.
The bank is yet to announce his replacement. “Furthermore, the Board is pleased to announce the appointment of Mrs. Matongo G. Syamujaye as Acting Chief Financial Officer with immediate effect. Mrs. Syamujaye is a Fellow member of the Zambia Institute of Chartered Accountants and a Fellow of the UK’s Association of Chartered Certified Accountants with 16 years’ experience in the Financial Services in Senior Management positions”.
At the time of the announcement, the bank’s securities on the Lusaka Securities and Exchange were trading at K12 per share. Harry’s penultimate quarterly report also showed that the bank recorded net interest income of K9.40 million and a loss after tax of K20 million.