ONE of the country’s longest serving bosses, at a State
Enterprise and Parastatal, Cold Storage Company (CSC), chief executive officer
Mr Ngoni Chinogaramombe will soon leave his post after having served the entity
for a period of over a decade-and-a-half.
Mr Chinogaramombe has served the country’s internationally
recognised sole meat processor and marketer for almost 34 years having joined
it in 1984 and rose through the ranks to become its chief executive officer in
2005. A reliable source privy to the on-goings at CSC said Mr Chinogaramombe
was offered a handsome severance package by the company’s newly found strategic
investor, Boustead Beef Zimbabwe, which is expected to inject a massive US$400
million over the next five years towards breathing new life into the entity.
“Mr Chinogaramombe hasn’t resigned per se but the investors
highlighted that they were bringing in their own chief executive officer and
financial director, rightfully so because they want to ensure direct control of
the investment. He has been mutually offered a handsome exit package by the
investors, including taking care of his various needs at the moment. The
investors said they will continue consulting him on various issues,” said the
source.
CSC, at one time the largest meat processor in Africa,
handled up to 150 000 tonnes of beef and associated by-products a year and
exported beef to the European Union. However, during Mr Chinogaramombe’s reign
the company’s fortunes were on a downward spiral.
The company has fallen on hard times since 2000 owing to a
myriad of challenges, that include difficulties in raising adequate working
capital, cattle disease outbreaks, decline in the commercial herd, huge foreign
debt, high staff turnover and an aged transport fleet. CSC last exported beef
in 2007 because of serious outbreaks of
foot and mouth diseases. The European Union (EU) stopped importing beef from
the country due to illegal sanctions imposed on the country.
Mr Chinogaramombe’s exit comes after the crafting of the
Public Entities Corporate Governance Act last year, which stipulates that chief
executive officers of State Enterprises and Parastatals to serve for a maximum
of 10 years. According to the Public Entities Corporate Governance policy, the
chief executives who are already serving will complete their 10-year terms.
Mr Chinogaramombe could not be reached for comment. CSC
director of marketing Mr Isaiah Machingura declined to comment while Boustead
Beef managing director Mr Nick Havercroft could not be reached for a comment by
the time of going to Press.
The CSC board is chaired by Mrs Sylvia Khumalo-Jiyane and
she is deputised by Mr Nemrod Chiminya who is a seasoned technical person and
also assists on the Tobacco Industry and Marketing Board.
The other board members are Mrs Emily Mumbengegwi, Mr Peter
Nyoni, Mrs Cecilia Paradza, Mr Bekhithemba Nkomo, Dr Anxious Masuka, Mrs Rufaro
Mazunze, Mr Khodholo Setaboli, Ministry of Agriculture representatives, Dr
Unesu Ushewokunze Obatolu and Engineer Reston Muzamhindo. Sunday News
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