Zambia National Building Society has announced the departure of Joseph Chikolwa as Chief Executive Officer and the appointment of Mildred Mutesa as Acting CEO, according to a statement from the Company.
The mortgage lender, whose vision is to become the Premiere Banking and Housing Finance Institution with the leading market share in Zambia and has a five year K20 million corporate bond (issued in 2018) listed on the Lusaka Securities and Exchange, made the announcement following a directive from the Board.
“In accordance with the Securities Act No. 41 of 2016, the Board of Directors (“the Board”) of Zambia National Building Society (“ZNBS” or “the Society”) wishes to announce the separation of Mr. Joseph Chikolwa from the Society effective 3rd January 2020”, read the statement issued by the lender’s Society Secretary, Mutinta Syulikwa, on 13th January 2020.
Joseph’s tenure as Chief Executive Officer of ZNBS comes to an end after 7 years in the role. The Manchester Business School MBA in Finance holder was previously Managing Director at Stanbic Bank Zambia for just over a year, according to his LinkedIn profile.
The David Nama lead Board’s announcement of Mildred Mutesa as Acting CEO signals lenders intent to find a replacement for Chikolwa in the near term. His temporary replacement was the Director of Finance and Corporate Planning for the society. The Board took notice of Mildred in her role as Director and Board Trustee member which included ensuring that the prudential reports are submitted to the Central Bank on a timely basis. This also included timely preparation of Audited Annual Financial Statements for the Board as well.
Externally, Mildred is a member of the Finance Committee of the Board of the National Prosecution Authority.
Mildred has well over 12 years work experience and holds an MBA from Edinburgh Business School, Heriot-Watt University, Fellow of the Association of Chartered Certified Accountants (ACCA), Fellow member of the Zambia Institute of Chartered Accounts (ZICA) and a Bachelor of Accountancy Degree from Copperbelt University.
Her appointment was effective immediately according to the issued statement. “Furthermore, the Board wishes to announce the appointment of Mrs. Mildred Mutesa as Acting Chief Executive Officer of the Society effective 4th January 2020, a position she will hold in the interim before a new CEO is appointed”.
