QUICK service restaurant, Simbisa Brands Limited, has appointed David Mudzengi new group finance director.
He replaces Baldwin Guchu who resigned last month and is now the chief executive officer of InnBucks MicroBank Limited.
In a statement yesterday, Simbisa said: “The board is pleased to announce the appointment of David Mudzengi as the group finance director of Simbisa Brands Limited effective 1 February 2025.”
A chartered accountant, Mudzengi brings a wealth of experience in financial reporting, corporate finance, management accounting and enterprise risk management, Simbisa said.
“His previous positions include finance director at Bakers Inn Sales & Distribution, chief finance officer at EcoCash Holdings and senior adviser in Transaction Advisory Services at Ernst and Young.”
It said Mudzengi’s track record includes leading complex corporate restructurings and overseeing multi-million-dollar transactions across the insurance, health and asset management sectors.
Simbisa has also confirmed Fadeke Obatolu as the substantive group company secretary, effective January 2, 2025.
“Fadeke has been serving as the acting company secretary since October 1, 2024, during which she effectively managed the company’s compliance and governance responsibilities,” Simbisa said.
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“She also serves as the group legal adviser, a position she has held since June 2017, where she oversees legal compliance, governance and strategic legal initiatives.”
In its trading update for the first quarter ended September 30, 2024, Simbisa revealed that inflationary pressures from currency volatility were putting margins under pressure while energy costs due to power cuts were impactful.
Simbisa said it would be intensifying cost-containment measures to protect margins and improve profitability.
Simbisa is set to expand its network , with 31 store planned to be opened in the current financial year.
