DIVERSIFIED farm and mine implements manufacturer and distributor, Zimplow Holdings Limited chief executive officer Vimbayi Nyakudya has resigned with effect from April 1, 2024, NewsDay Business can report.
The resignation comes after the group announced in November 2023 that it was embarking on an expansion strategy to strengthen its foothold in the mining and infrastructure sectors.
“The board of directors of Zimplow Holdings Limited hereby announces the following changes to the group’s executive management team; the resignation of Vimbayi Nyakudya as the group chief executive officer of Zimplow Holdings Limited with effect from April 1, 2024,” Zimplow said in a statement yesterday.
“The board wishes to convey its gratitude to him for his service to the group over the past eight years. We wish him well in his future endeavours. Further, the board wishes to advise the following; the appointment of Willem Swan as the acting group chief executive officer.”
Swan is a sales and marketing practitioner, with 36 years of working experience in the fast-moving consumer goods, steelworks and engineering distributorship sectors.
“Prior to his appointment as the group chief operating officer, he was the executive head for Zimplow Holdings Limited’s mining and infrastructure cluster. The board of directors wishes Willem Swan the best in the above-mentioned role,” the company said. Swan assumed the role as Zimplow revealed in its last trading update in November 2023 that liquidity continued to be a strain on the business, especially in the third quarter of last year.
This resulted in delays in major capital funding transactions.
Zimplow has delayed releasing its full year financial statement ended December 31, 2023 owing to it changing its functional currency to US dollars from local currency.
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