ZCCM IH has signaled to the market that it has have every intention to firm up on the executive appointments at the company following the recent announcement of the appointment of current Acting Chief Executive Officer, Mabvuto Chipata, as Executive Director on its board.
Mr. Chipata was appointed Acting CEO on 1st February following the departure of Pius Kasolo at the end of January. The former Chief Investment Officer took over the stewardship in period that saw the investment company declare dividends of over K89 million for the 2017 financial year.
“ZCCM Investments Holding Plc (ZCCM-IH) is pleased to announce the appointment of Mr. Mabvuto T Chipata, Acting Chief Executive Officer, as Executive Director on the ZCCM-IH Board effective 21 March 2019”, read the statement issued by Company Secretary Chabby Chabala on SENS on 28th March 2019. “The Board wishes to congratulate Mr M Chipata on his appointment and is confident that he will add value in fulfilling the strategic objectives of the Company.”
The appointment of Mr. Chipata to the board signals transformation at the Investment company. In recent days, ZCCM IH’s investee company InvesTrust Bank announced the departure of 3 non-executive directors from the Bank’s Board. The announcement, of the departures of Dr Moses N. Banda, Mr. Cosmas K. Mwananshiku, and Mr. Maybin Muyawala, was made on 25th March 2019. Without a doubt, the investment company must have been informed about this development.
The proximity of the announcements is an indicator that the investment company is in a period of consolidation its executive position in order for the strategy of the company and its investments to be executed with fluidity.