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Edgars sidelines Matebeleland executives

by Staff reporter
31 Oct 2023 at 05:52hrs | Views
Two executive directors at the clothing maker and retailer Edgars Stores have tendered their resignations, effective today, as part of sweeping changes initiated by the new majority shareholder, Mauritian investment management firm SSCG Africa Holdings.

Tjeludo Ndlovu, who served as the group's chief executive officer, and Happiness Vundla, the group's chief finance officer, have stepped down from their roles and are leaving the company today, according to a shareholder update.

Tjeludo Ndlovu, who has been with the group for 11 years, initially joining as a group accountant in 2012, has resigned. Happiness Vundla, who took over the finance department in 2021, has also resigned.

Sevious Mushosho will succeed Tjeludo Ndlovu as the new chief executive officer, effective from November 1, 2023. Mushosho, a fellow Chartered Accountant Zimbabwe, brings over 20 years of multinational experience in cross-functional management, financial management, audit, insurance, banking, retail, and distribution.

Peter Mnyama has been appointed as executive director of retail chains, effective November 1, 2023. He is a career fashion retailer with more than 25 years of experience in the industry.

Mark Robb, an IT professional with more than 22 years of multinational experience, has been appointed as a non-executive director. Robb holds a BCom Honours Degree in Information Systems and Management from Rhodes University in South Africa.

SSCG Africa Holdings acquired a majority stake in Edgars Stores, leading to these organizational changes. The retail chain's management offices have been relocated from Bulawayo to Harare to oversee the daily operations, given the concentration of their shops in the capital. Edgars is the largest clothing retailer in Zimbabwe, with 25 branches across the country. It also controls 25 Jet stores, the Club micro-finance unit, and Carousel, a garment manufacturing factory located in Bulawayo. SSCG Africa Holdings also has interests in local micro-finance company Untu Capital.

Source - newsday
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