Herbert Nkala to step down

OK Zimbabwe Limited (OKZL), the retail giant listed on the Zimbabwe Stock Exchange (ZSE), has announced that its long-serving Board Chairman, Mr Herbert Nkala, will not seek re-election as Director and Chairman at the upcoming Annual General Meeting (AGM) scheduled for 17 July.

This move is part of a wider leadership renewal strategy designed to guide the company through a critical turnaround phase amid ongoing organisational transformation.

"As OKZL embarks on a critical turnaround journey, it is imperative that the Company injects fresh perspectives and a new leadership," the company stated in a message to shareholders.

The firm emphasized that successful execution of a sustainable medium- to long-term strategy requires a Board refreshed with new insights to steer the business into its next phase.

"In this spirit, and in recognition of the need to refresh and realign the Board with the Company's future strategic direction, the Board Chairman will not seek re-election as Director and Chairman of the Board at the forthcoming Company Annual General Meeting," the statement added.

OKZL expressed confidence that the reconstituted leadership team will be well-positioned to create long-term value and rebuild trust among stakeholders.

"The Board believes that the new stewardship of the Company is well positioned to deliver long-term value for all stakeholders," the statement said.

Mr Nkala, who joined the OK Board in 2012, has been a pivotal figure in the company's governance, steering it through periods of growth and challenge. He took over as Chairman in 2018, succeeding Mr David Lake.

Renowned for his broad business leadership experience, Mr Nkala has served on and chaired numerous boards across Zimbabwe and the region.

Currently, an interim management team appointed by the Board is focused on stabilising operations and developing a high-level turnaround strategy.

"This transitional leadership has played a critical role in laying the foundation for recovery and repositioning the Company for sustainable growth," OKZL noted.

To support the success of the turnaround plan, the Board and interim management will soon begin the process of appointing a substantive executive leadership team. The incoming executives are expected to bring proven operational excellence, strategic foresight, and deep expertise in the retail sector.

As OKZL moves forward, the leadership changes signal a fresh chapter aimed at revitalising one of Zimbabwe's key retail players.