
IDC board chairman Mr Herbert Nkala said Mr Ndudzo had proceeded
on normal retirement.Motec Holdings (Pvt) Limited group chief executive Mr
Benjamin Kumalo has since replaced him.
“The IDC board extends its sincere appreciation to Mr
Michael Ndudzo for his invaluable contribution to the corporation and the
nation and will continue to draw on his vast knowledge and experience.
“On behalf of the Minister of Industry and Commerce Dr Mike
Bimha and the IDCZ board, I am confident that Mr Kumalo will provide the
leadership and innovations to drive this transformation and re-organisation
that will enhance the IDC’s role in re-industrialising our economy as envisaged
under Zim-Asset and as per the November 2016 Cabinet approved turnaround and
restructuring strategy of the corporation,” said Mr Nkala.
Mr Kumalo is a chartered accountant with 26 years of
experience within the IDCZ Group during which he rose through the ranks from
being group financial controller of Motec Holdings in 1991 to its group chief
executive officer until his latest appointment.
Motec Holdings is IDCZ’s strategic business unit in the
motor and transport sector.
Mr Kumalo also chairs various boards such as Willowvale
Motor Industries, Zimre Holdings Limited, FBC Building Society and is the past
president of the Motor Industry Association of Zimbabwe and past chairman of
Fidelity Assurance.
Mr Nkala said Mr Khumalo joins the IDCZ at its
transformation phase where it reverts to its original mandate provided for
under the IDC Act (Chapter 14:10) and as defined under Zim-Asset (2015-2018) to
operate as a development finance institution by providing industrial financing
and enterprise development for the manufacturing sector.
“Under this new and exciting role, the IDCZ will prioritise
its core mandate of providing industrial financing and enterprise development
for both large corporates and small and medium enterprises.
“The corporation is to transform itself and operate along
the lines of other development finance institutions in Zimbabwe and the region
such as IDBZ for infrastructure development, Agribank for agriculture
development and the IDC of South Africa.
“The measures to transform IDCZ are part of Government
efforts on parastatals reform in order to enable the entities to fully deliver
on their mandates and contribute meaningfully to the country’s Gross Domestic
Product,” explained Mr Nkala.
Since its inception in 1963, the IDCZ was a development
finance institution for industrial development, even though over time it became
more of a holding company for its investments and a player and competitor in
the private sector.
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