Business / Companies
Telecel management mere placeholders
16 May 2013 at 09:55hrs | Views
Fresh details have showed that excessive shareholder control and lack of management autonomy pushed out former Telecel Zimbabwe chief executive officer Francis Mawindi from the telecommunications firm, as more drama continues to unfold.
Mawindi stepped down at the end of March after less than a year in office.
Impeccable sources close to the developments said any successor to Mawindi who has no backing from, and does not fall in line with the anchor shareholder, Egypt-based Orascom, could head for another clash with the board.
The sources said Orascom would often bypass decisions made by local management rendering the chief executive non-effective in discharging his duties.
Telecel Zimbabwe, sources said, requires authorisation and approval from Egypt for virtually everything valued at over $25 000 and in most cases outsources practically all purchases including consulting services regardless of whether the products or services can be readily sourced from the local market.
Mawindi stepped down at the end of March after less than a year in office.
Impeccable sources close to the developments said any successor to Mawindi who has no backing from, and does not fall in line with the anchor shareholder, Egypt-based Orascom, could head for another clash with the board.
The sources said Orascom would often bypass decisions made by local management rendering the chief executive non-effective in discharging his duties.
Telecel Zimbabwe, sources said, requires authorisation and approval from Egypt for virtually everything valued at over $25 000 and in most cases outsources practically all purchases including consulting services regardless of whether the products or services can be readily sourced from the local market.
Source - newsday
