The market’s wait for a signal from Monica Musonda regarding what her next move was following her resignation from the Zambia Sugar Board was finally answered in a tweet on her twitter page on 11 July 2019.
Monica, the founder and Chief Executive Officer of Java Foods, a food processing company based in Zambia, takes over as Board Chair of Zambian Breweries, a counterparty to Zambia Sugar. The latter is known to supply ingredients to some of the most loved beverages in Zambia. Her holding on to the role may have been an intoxicating corporate governance preposition for key stakeholders of the company.
Due to the proximity of the companies’ dealings, Monica felt it prudent to leave the sweetest board for the beverages one to avoid any doubt of conflict of interest. “In order to avoid conflict or even perceived conflict of interest, best to resign from ZamSugar”, read an email statement by the newest Board Chair to the Founder for Financial Insight on the 3rd of June 2019.
“Leaving @LuSE_Plc having attended #ZambiaBreweries bell ringing. Congratulations for being listed for 22 years”, read a posting from Monica’s social media page. “Started with market cap of $1m & now over $340m. No small feat. Happy to chair their board”, which confirmed her appointment as Board Chair. With news on the appointment being fresh, SENS had not yet published the development. However, Zambian Breweries Reuters profile had already updated its Board Members listings which included the 44 year old mother of one’s name.
Monica replaces Valentine Chitalu after the latter’s 10 year stint. Valentine is also currently Chairman/Founding Partner, Phatisa Group Ltd.