LISTED brick manufacturer, Willdale Limited (Willdale) has appointed Brian Mataruka as its new chairman with effect from April 1, 2025, amid several board changes as the firm grapples with losses.
Mataruka replaces Cleopas Makoni, who retired from the board at the end of last month.
In the firm’s annual financial results for the period ended September 30, 2024, the brick maker posted a loss of US$796 883 from a profit after tax of US$1,51 million.
The loss was due to the cost of sales more than doubling to US$9,76 million during the 2024 period, meaning the company spent a lot more producing or acquiring what it sells.
According to Willdale, profitability was also weighed down by real increases in other cost lines such as a 23% increase in National Employment Council wages and electricity, which recorded a 41% average tariff increase.
“The board is pleased to announce the appointment of Mr Brian Kudzaishe Mataruka as chairman with effect from April 1, 2025. Brian takes over from Cleopas Makoni, who retired from the board on March 31, 2025,” Willdale said in a statement yesterday.
“Brian is a partner and the head of mining and infrastructure law at Gill, Godlonton & Gerrans, one of Zimbabwe’s leading law firms.
“He has served on the board since 2017 and has a wealth of experience in corporate governance and strategy.”
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The firm said his academic qualifications include an LLB (Bachelor of Laws) UZ, MBA (Master of Business Administration) from Africa Leadership University (Rwanda), where he won the book prize for business innovation and strategy.
It also includes an LLM (Master of Laws) in Extractive Industries Law in Africa from the University of Pretoria and a Diploma in Mineral Resources Management.
“The board wishes Brian the best in his new role,” Willdale added.
Further to the board changes, Batirai Manhando has been appointed a director of the company with effect from April 1, 2025.
“Batirai holds a BSc (Bachelor of Science) Metallurgy degree and an MBA from the University of Zimbabwe. He has over 30 years’ experience in the mining industry, 10 of which he was managing director of Bindura Nickel Corporation,” Willdale said.
“He is currently a director of several entities including Zimbabwe Lithium (Pvt) Ltd.”
The firm’s board also announced the appointment of Munacho T A Mutezo as a director of the company.
“Dr Mutezo is a seasoned business leader with over 38 years of experience in various leadership roles. He holds a BSc Engineering (Glasgow University) degree, a Masters and PhD in Business Administration and is a member of the Zimbabwe Institute of Engineers and the Institute of Engineers (UK),” Willdale said.
“Dr Mutezo has previously worked in both the private and public sectors and is currently a director of Authentic Group of Companies.”
Willdale is currently expected to raise funding for the upgrading of its production plant from the various initiatives that are already in motion.
The firm revealed that suitable strategies have been adopted to remain profitable in the face of competition and a shifting business model.
