New Zimbabwe.com

Stock market names new chief executive

FORMER Securities Commission of Zimbabwe (SEC) Chief Executive Officer Alban Chirume was on Thursday appointed the new Zimbabwe Stock Exchange (ZSE) chief executive.
He takes over from Emmanuel Munyukwi who was suspended last year. Martin Matanda has been acting CEO since Munyukwi left.
Chairman of the ZSE Eve Gadzikwa said the decision to appoint Chirume had been done independently and was not in any way influenced by any institution or individual.
“We want to congratulate Marume as a board for his appointment as substantive CEO. We would also want to thank Matanda for steering the ship in the absence of a substantive CEO,” she said.
“The appointment of Chirume was independent from this board. We were not part of it. He comes in with a lot of knowledge and experience about the market and expect him to do a good job,” she said.
Gadzikwa said five people were interviewed for the job while Martin Matanda did not apply.
“There was a large pool to choose from and the consultants had done most of the work. The process was transparent and rigorous. It took one full year to get the right person and we believe we have the right person in Chirume,” she said
Speaking after the appointment, Chirume said he would promote good corporate governance within the institution, the members and within the listed companies.
“Delegated regulation was an important pillar in the way capital markets are run. The exchange was a huge institution and it was vital to run it with integrity guided by four main pillars; IT, Staff, Commercial and the Regulatory pillars,” he said.
Chirume comes on board at a time analysts see the bourse taking a hit from the from the country’s indigenisation and empowerment laws with de-listings instead new IPOs now the norm while foreign investor interest is also on the wane.
To show how rare positive moments are now on the ZSE, Finance Minister Tendai Biti commended Zimplow Holdings when they issued new shares saying “as government it gives them pleasure each time there is positive activity on the ZSE”.
“ZSE plays a critical role in the economy. We take this as a sign of confidence in the economy. We are happy to note increased interest in our stock market…This is a vote of confidence in this economy and in the potential of this economy,” said Biti then.Advertisement

The issuing of new shares follows after Zimplow acquired Tractive Power Holdings as a move to further consolidate the company’s position in the agriculture sector and benefit from the expected growth in demand for engine-drawn implements.