News / National
Kumalo takes over at IDC
18 Sep 2017 at 06:19hrs | Views
LONG serving Industrial Development Corporation of Zimbabwe Limited general manager Mr Michael Ndudzo, has left the institution after 26 years of service.
IDC board chairman Mr Herbert Nkala said Mr Ndudzo had proceeded on normal retirement.
Motec Holdings (Pvt) Limited group chief executive Mr Benjamin Kumalo has since replaced him.
"The IDC board extends its sincere appreciation to Mr Michael Ndudzo for his invaluable contribution to the corporation and the nation and will continue to draw on his vast knowledge and experience.
"On behalf of the Minister of Industry and Commerce Dr Mike Bimha and the IDCZ board, I am confident that Mr Kumalo will provide the leadership and innovations to drive this transformation and re-organisation that will enhance the IDC's role in re-industrialising our economy as envisaged under Zim-
Asset and as per the November 2016 Cabinet approved turnaround and restructuring strategy of the corporation," said Mr Nkala.
Mr Kumalo is a chartered accountant with 26 years of experience within the IDCZ Group during which he rose through the ranks from being group financial controller of Motec Holdings in 1991 to its group chief executive officer until his latest appointment.
Motec Holdings is IDCZ's strategic business unit in the motor and transport sector.
Mr Kumalo also chairs various boards such as Willowvale Motor Industries, Zimre Holdings Limited, FBC Building Society and is the past president of
the Motor Industry Association of Zimbabwe and past chairman of Fidelity Assurance.
Mr Nkala said Mr Khumalo joins the IDCZ at its transformation phase where it reverts to its original mandate provided for under the IDC Act (Chapter 14:10) and as defined under Zim-Asset (2015-2018) to operate as a development finance institution by providing industrial financing and enterprise development for the manufacturing sector.
"Under this new and exciting role, the IDCZ will prioritise its core mandate of providing industrial financing and enterprise development for both large corporates and small and medium enterprises.
"The corporation is to transform itself and operate along the lines of other development finance institutions in Zimbabwe and the region such as IDBZ for infrastructure development, Agribank for agriculture development and the IDC of South Africa.
"The measures to transform IDCZ are part of Government efforts on parastatals reform in order to enable the entities to fully deliver on their mandates and contribute meaningfully to the country's Gross Domestic Product," explained Mr Nkala.
Since its inception in 1963, the IDCZ was a development finance institution for industrial development, even though over time it became more of a holding company for its investments and a player and competitor in the private sector.
IDC board chairman Mr Herbert Nkala said Mr Ndudzo had proceeded on normal retirement.
Motec Holdings (Pvt) Limited group chief executive Mr Benjamin Kumalo has since replaced him.
"The IDC board extends its sincere appreciation to Mr Michael Ndudzo for his invaluable contribution to the corporation and the nation and will continue to draw on his vast knowledge and experience.
"On behalf of the Minister of Industry and Commerce Dr Mike Bimha and the IDCZ board, I am confident that Mr Kumalo will provide the leadership and innovations to drive this transformation and re-organisation that will enhance the IDC's role in re-industrialising our economy as envisaged under Zim-
Asset and as per the November 2016 Cabinet approved turnaround and restructuring strategy of the corporation," said Mr Nkala.
Mr Kumalo is a chartered accountant with 26 years of experience within the IDCZ Group during which he rose through the ranks from being group financial controller of Motec Holdings in 1991 to its group chief executive officer until his latest appointment.
Motec Holdings is IDCZ's strategic business unit in the motor and transport sector.
Mr Kumalo also chairs various boards such as Willowvale Motor Industries, Zimre Holdings Limited, FBC Building Society and is the past president of
the Motor Industry Association of Zimbabwe and past chairman of Fidelity Assurance.
Mr Nkala said Mr Khumalo joins the IDCZ at its transformation phase where it reverts to its original mandate provided for under the IDC Act (Chapter 14:10) and as defined under Zim-Asset (2015-2018) to operate as a development finance institution by providing industrial financing and enterprise development for the manufacturing sector.
"Under this new and exciting role, the IDCZ will prioritise its core mandate of providing industrial financing and enterprise development for both large corporates and small and medium enterprises.
"The corporation is to transform itself and operate along the lines of other development finance institutions in Zimbabwe and the region such as IDBZ for infrastructure development, Agribank for agriculture development and the IDC of South Africa.
"The measures to transform IDCZ are part of Government efforts on parastatals reform in order to enable the entities to fully deliver on their mandates and contribute meaningfully to the country's Gross Domestic Product," explained Mr Nkala.
Since its inception in 1963, the IDCZ was a development finance institution for industrial development, even though over time it became more of a holding company for its investments and a player and competitor in the private sector.
Source - chronicle
