Lusaka Securities Exchange (LuSE) listed Zambeef (ISIN:ZM0000000201) has announced new appointments on its stock of board of directors to reflect is value chain strategy. This is in accordance with Section 3.59 of the LuSE Listings Rules.
Zambeef announced the stepping down of Non Executive Directors (NED) namely Margaret Kunda Chalwe – Mudenda, Professor Enala Lyson Tembo -Mwase and John Rabb with immediate effect to be replaced by Katebe Monica Musonda, Pearson Gowero and Roman Frenkel respectively. These changes are with immediate effect.
THE GENESIS OF ZAMBEEF’S VALUE CHAIN METAMORPHOSIS
The changes are a reflection of an actualization of the groups value chain strategy that Zambeef Plc has embarked on over the year. The agribusiness entity has been through a series of restructures that has seen greater investment in cold chain value addition and divestment from loss making farms. Much as owning farms allows the business to own its value chain, instances where farms are loss making can be draining for the operation hence the strategy to realign posture. Earlier, Zambeef realized its Chiawa and Sinazongwe loss making farms that were cost drivers while refocusing on its Hantley and Mpongwe profitable operations.
BOARD ADDITIONS REFLECT STRONG VALUE CHAIN EXPERIENCE
The full board compliment now represents members that are from strong value chain structure backgrounds who will then be tasked to transform the Zambeef stock. Monica Musonda brings a Java Foods and Dangote Group experience. She currently board chairs Airtel Zambia Plc. Pearson Gowero brings his Delta Corporation Zimbabwe Limited experience where he serves as Chief Executive. The beverages industry has been his forte having worked for the SABMiller Group and equally had a stint in Zambia.
Roman Frenkel is a Private Equity Executive with a skew towards Food & Agriculture at Commonwealth Development Corporation (CDC) Group Plc, London. He has spent many years in the private equity and Investment Banking space in London.
The group has a strong Chief Finance Officer (CFO) and board member Faith Mukutu, a laureate nominee on the Choiseul Africa 100, who has had successful stints at Zambia Sugar (Illovo Group subsidiary) and Zambian Breweries (SAB Miller subsidiary) specifically in value restructuring to enhance profitability.
One thing that stands out across these board members highlighted is experience in value chain addition strategy which Zambeef is ready to execute. Other board members include Michael Mundashe (Chair), Yollard Kachinda and Walter Roodt (Chief Executive Officer).
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