Zimbabwe’s largest retail supermarket chain, OK Zimbabwe Limited, has announced a major restructuring of its leadership, with the departure of key executives and the return of former company officials.
This leadership shake-up follows a period of significant operational difficulties and public scrutiny from the Ministry of Finance.
The Zimbabwe Stock Exchange-listed company released a statement confirming the “conclusion of voluntary separation agreements” with Chief Executive Officer Maxen Karombo, Chief Financial Officer Phillimon Mushosho, and Supply Chain Director Knox Mupaya.
In their place, former CEO Willard Vimbai Zireva has been appointed caretaker CEO, with Alex Edgar Siyavora returning as Chief Financial Officer and Richard Chingaira taking over as Supply Chain Director.
“The Board would like to acknowledge the outgoing executive team for their service through this challenging period, and to welcome back the team reposed with the remit to stabilize and turn the business around over the next six months whilst the company engages in the process to identify the executive replacements,” stated Company Secretary Margaret Munyuru.
The changes come after OK Zimbabwe reported a 36% decline in sales volumes for the third quarter ending December 31, 2024. The company attributed this downturn to economic challenges such as currency devaluation, liquidity shortages, and power outages, which led to the closure of four branches in Harare and significant stock shortages.
Additionally, the leadership transition follows a public dispute between the Finance Ministry and former CEO Maxen Karombo. As OK Zimbabwe navigates this critical phase, the reappointed executives face the task of restoring stability and revitalizing the company’s financial performance.
