Chief Executive Officer at Zambia’s only timber growing and processing listed company has resigned after 16 months of holding both executive and board positions, according to a statement from ZAFFICO.
“In compliance with Section 3.59 of the Lusaka Securities Exchange Listing Rules (“LuSE Rules”), ZAFFICO PLC wishes to inform shareholders that Mr. Kangwa David Bwalya the Managing Director of ZAFFICO PLC resigned with effect from 13th September, 2021 and has since stepped down from the Board of Directors”, read a statement published on SENS and issued by Company Secretary Chanza Sikazwe on 16 September 2021.
The resignation announcement comes just 2 months after Bwalya’s management team, through the Board, announced a dividend in his freshman year as CEO. “At the Annual General Meeting held electronically on 30th of June 2021, a Final Dividend of ZMW 0.093 per share for the period ended 31st December 2020 was approved by the shareholders of the Company”, read a statement issued on SENS on 21 July 2021.
No reasons for the sudden exit have been given by the company albeit a thank you ‘note’ from the board for his services. ‘The ZAFFICO PLC Board of Directors thanks Mr. Bwalya for his contribution to the company and wishes him well in his future endeavours. ZAFFICO PLC has commenced a process of identifying Mr. Bwalya’s successor and shareholders will be advised of the appointment of a Managing Director in due course”.
ZAFFICO will now be led by an interim CEO during the transition period. “As an Interim measure, the Board of Directors has since appointed the Corporation’s Director of Special Projects, Mr. Brian Kangombe Mutale to act as Managing Director for administrative convenience. Mr. Mutale holds is a Master’s Degree in Development Finance from Stellenbosch University (Cape Town); a B.Sc. (Hons) Economics from University of Zimbabwe and B. Sc. in Forestry from Copperbelt University (Kitwe). He is a member of the Institute of Directors of Zambia (IoDZ) and a Fellow of the Chartered Institute of Development Finance (CIDEF). He is also a Certified Balanced Score Card Professional (Strategic Planning) from Washington University College of Professional Studies. Mr. Mutale has over 18 years experience in both the public and private sectors. Prior to joining ZAFFICO, he worked for the National Council for Construction (NCC) as head of Business Development. Other companies he has worked for include the Citizens Economic Empowerment Commission; Ministry of Agriculture and Wood Processing Industries of Ndola”.