Zimre Holdings Limited to announce successor

The Zimre Holdings Limited (ZHL) board will soon announce the successor to former chief executive Albert Nduna who retired from the financial services group at the end of the year after 31 years.

ZHL board chairman Ben Khumalo said the announcement of the new CEO was imminent without disclosing any further details.

“The board will shortly be making an official announcement. May I please ask you to wait for this announcement at which time I will give you further details,” he said in response to questions e-mailed to him.

Last year Mr Khumalo indicated that they had engaged Highpost Consultants to obtain curriculum vitaes of potential candidates for the position.

It was not immediately clear who applied for the post although several names have been mentioned.

The new CEO will be coming in at a time when the group recently raised $15 million through a rights issue that saw a consortium led by Simon and Hamish Rudland gaining 40,16 percent shareholding after underwriting the rights issue.

Government and the National Social Security Authority (NSSA) did not follow their rights. During his tenure at ZHL, Mr Nduna led the unbundling of the group into strategic business units to increase shareholder value. The unbundling saw Nicoz Diamond listing on the ZSE in October 2002. Fidelity Life was to join the bourse a year later. Nicoz and Fidelity were acquired in 1988.

ZHL was formed by an Act of Parliament in 1983 and started transacting reinsurance business a year under the leadership of Mr Nduna as managing director –a post he held until his retirement.

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