Real Estate Investment Zambia will not be entering into a subsequent employment contract with its CEO Sydney Popota following the expiration of his contract, according to a statement from the Group.
“In accordance with the Securities Act No. 41 of 2016, the Board of Directors (“the Board”) of Real Estate Investments Zambia Plc (“REIZ” or “the Company”) wishes to announce that Mr. Sydney Popota, the Chief Executive Officer (“CEO”), will be leaving the Company upon expiry of his employment contract on 30 June 2020”, read a statement published on SENS issued by the Board of REIZ on 19th June 2020.
Sydney who began his career at the real estate group in July 2011 as its Finance Manager and Company Secretary was appointed CEO by the Board in July 2014, according to his LinkdIn profile. A holder of an MBA from the University of Lusaka and Bachelor of Accountancy from Copperbelt University, Sydney is a company man who also served a long tenor at City Investments Limited were he held the roles of Finance Manager and Financial Accountant.
In his final financial year as CEO, “the Group reported a profit after tax for 2019 of ZMW19.8m compared to ZMW2.8m for 2018, as revenue grew by 33% to ZMW67.4m, up from ZMW50.6m in 2018 while profit from operations increased to ZMW91.4m from ZMW54.1m”, according to the published statement of the financial performance for 2019. Despite the improved performance under difficult environmental conditions that included deterioration of the local currency and rising inflation, the final annual general meeting that he attended did not declare a dividend. However, “the Board wishes to thank Mr. Popota for his valuable contribution to the Company and wishes him success in his future endeavours”, in an emphatic statement.
In the interim, Sydney will be replaced by Moses Vera. “The Board further announces the appointment of Mr. Moses Vera as Acting CEO for the company with effect from 1 July 2020. Mr Vera is currently the Finance Manager and Company Secretary of the Company”. He has held the position for 3 years which is analogous to the period of time that Sydney also held the same role before ascending to the role of CEO.
Moses is a holder of a Chartered Accountant (ZICA, ICAZ, SAICA) and Certified Public Accountant British Columbia (Canada) and Master of Laws in International Banking & Finance Law (University of Liverpool, UK) and has 18 years’ experience in banking, finance, property & asset management, company secretarial and auditing functions.
The board will continue to seek out a permanent replacement for Sydney whilst Moses acts. “In the interim, the Board will continue the process of seeking a candidate to permanently take up the position of CEO of the Company and will issue a further announcement once a permanent appointment has been finalized”.