By Takudziridzwa Nyama
In a bold move, struggling retail Giants Ok Zimbabwe Limited has fired its management team led by CEO Maxen Karombo as the Zimbabwe stock exchange listed counter seeks redemption after a year plagued by operational inefficiencies.
In a statement Ok Zimbabwe secretary Mrs Margaret Munyuru acknowledged that the move has been prompted by the challenges the companies has been facing.
“The Company has been facing operating challenges that have necessitated a comprehensive business review and restructuring aimed at enhancing operational efficiency and driving sustainable growth in a dynamic market,” she said.
Mrs Munyuru also said, “accordingly, the following changes have been implemented with immediate effect, following the conclusion of voluntary separation agreements with the following Directors, Chief Executive Officer Mr. Maxen Phillip Karombo; Chief Financial Officer Mr. Phillimon Mushosho; and Supply Chain Director Mr. Knox Mupaya.”
She also announced the bouncing back of former CEO Wilard Zireva from retirement to spearhead the company’s turn around efforts.
“The appointment of a team of experienced retailers to assist the Board with the restructuring and turnaround of the company and to be designated as follows Chief Executive Officer – Mr. Willard Vimbai Zireva Chief Financial Officer – Mr. Alex Edgar Siyavora Supply Chain Director – Mr. Muzvidzwa Richard Chingaira”
The OK Zimbabwe Board acknowledged the outgoing executive team for their service through a challenging period, welcoming back the team led by CEO Zireva which is tasked with stabilising and turning the business around over the next six months whilst the Company engages in the process to identify the executive replacements.