ZSE boss resigns

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PHILLIMON MHLANGA

Zimbabwe Stock Exchange (ZSE) operations executive Martin Matanda has
left the institution, four months after the bourse appointed a substantive CEO.

Until the appointment of Justin Bgoni at the helm in March, Matanda has been acting CEO since 2017 when ZSE suspended Alban Chirume. Chirume’s contract was subsequently terminated last year.

Matanda also acted as ZSE CEO for a year between June 2012 and May 2013 following the departure of Emmanuel Munyukwi.

Bgoni confirmed Matanda’s departure from the bourse.

“Yes, he [Matanda] left ZSE about a month ago on retirement. His post [operations executive] has now been frozen,” Bgoni told Business Times.

Matanda served the local bourse for more than 10 years at senior management level.

Prior to joining the ZSE, Matanda served 22 years at Standard Chartered Bank where he attained the position of area manager for Treasury operations at retirement from the banking group in 2001.

Matanda’s time as acting CEO coincided with an eventful period for the exchange, where the bourse hits record high as investors sought a safe haven. Activity picked significantly during this period. Zimbabwe experienced acute shortage of foreign currency, driving prices
upwards, resulting in annual inflation skyrocketing.

Consequently, asset managers and other international investors saw stocks as a safe haven in a time of uncertainty. This was to protect their money.

Growing hyperinflation fears also continued to drive investors towards the ZSE as they search for value preserving assets.

There was also some speculative behaviour on the local bourse as speculators try to profit from the prevailing market movements.

After the introduction of the new Zimbabwe dollar, foreign investors, however, have been stuck on the local bourse finding it difficult to take their money out of Zimbabwe.