Bgoni set to be announced as new ZSE chief executive

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The Zimbabwe Stock Exchange is set to announce the appointment of Justin Bgoni as its chief executive officer, a position which has been vacant since 2017.

Well-placed sources told FinX that Bgoni is most likely going to be unveiled to the market this month. ZSE chairman Caroline Sandura could not be reached for official confirmation as her phone rang unanswered.

Bgoni replaces Alban Chirume whose contract was finally terminated in August last year following a protracted dismissal wrangle.

ZSE has been without a chief executive since 2017, when Chirume was initially sent on forced leave and subsequently suspended him after laying various charges including un-procedural and unethical conduct allegedly committed by him over a period of time.

Martin Matanda, the operations manager, has been acting since.

Bgoni is a chartered accountant who was previously CFO at the New Zealand Stock Exchange. He also once worked at Rasai Holdings, an investment holding company in South Africa. Bgoni also has exposure in private equity fund management and was a management consultant at McKinsey and Co.

Market participants were agreed at that time that Chirume’s replacement needed to have had exposure to a well-run foreign bourse. There is a lot of work to do especially in a sector in which the bars for innovation and customer expectations keep rising and faces a lot of listing and delisting decisions as companies seek better listing benefits. Meanwhile the ZSE put up a notice announcing that the trading currency on the ZSE has ZB struggles to raise $150m road fund Bgoni set to be announced as new ZSE chief executive changed to RTGS dollars.

In line with the MPS pronouncement, Section 2 (New Monetary Policy Measures) Sub section (1) (ii) outlined that “The RTGS dollars shall be used by all entities (including government) and individuals in Zimbabwe for the purpose of pricing of goods and services, record debts, accounting and settlement of domestic transactions.”

The share prices are now quoted in RTGS dollars with effect from 21 February 2019 and in four decimal places. All monetary values included in market statistics published by ZSE are in RTGS dollars. No conversion took place on the effective date. – FinX