TINASHE MAKICHI
Turnall Holdings has axed some top executives as the listed roofing and building materials manufacturer restructures its operations, it emerged this week.
The push to restructure the group comes after the appointment of a new managing director, Zvidzayi Bikwa, three months ago. He replaced Roselyn Chisveto, who exited the group in August last year after her contract was not renewed.
Business Times can report that Bikwa has axed top executives including Victor Nyamurova the marketing executive and factory manager Achime Bere.
Well-placed sources at Turnall Holdings said the company has also thrown onto the streets several middle and junior managers in the past two months.
It is understood that Bikwa was lining up his own team replacing executives who were part of Chisveto’s team.
Turnall MD Bikwa confirmed that the company was currently undertaking a restructuring exercise which has seen some executives leaving the company.
“This is not shaking up as you might want to call it but this was part of the company’s restructuring exercise. The two mentioned (Bere and Nyamurova) had their contracts expiring at the end of February and we allowed them to expire and we also had an amicable exit agreement,” Bikwa said.
Bikwa, was previous chief executive of Pioneer Foods SA in Nigeria, managing director of Catercraft P/L, and spent 12 years with Innscor Africa as general manager.
In a cautionary statement to its shareholders on Tuesday this week, Turnall warned of an impending improved performance by the group in the upcoming financial results for the year to December 31, 2020 to be published on or before March 31, 2021.
“The board advises shareholders that the company’s unaudited financial performance for the year 2020 shows a significant improvement from the prior year and the company forecasts further improvements in the current year 2021,” company secretary Samson Mavende said.
The company also notified shareholders that National Social Security Authority (NSSA) which is one of the shareholders is still engaged in a transaction to dispose of its 32.5% shareholding in the business.
Mavende noted that the transaction if successful could have a material impact on the value of the company’s shares.
“The board therefore advises shareholders to continue exercising caution when dealing in their Turnall Holdings shares and to consult their professional advisors before dealing in their shares until such a time as the results of the said development are known.”
