By Alois Vinga
SEASONED accountant, Happiness Vundla, has been appointed the Edgar’s Group Chief Finance Officer on the strength of sound qualifications and experience.
In an update this week, Edgar’s board chairman, Themba Sibanda said the incoming CFO is a Chartered Accountant with over 14 years’ experience in public practice, who joined the Edgars Group on December 3 2020 as a non- executive director.
“She has overseen internal and external reporting in her role as a member of the Audit Committee and contributed as part of the leadership team that have steered the group through the turbulence brought about by the Covid19 pandemic.
“Before joining the group, Vundla served as Finance Director of Sub Sahara Africa Group Zimbabwe,” he said.
She takes over from Bright Ndlovu who retired from the Board and as Chief Finance Officer (CFO) effective 31 August 2021 where he was appointed in 2020 after having joined the Edgars Group in 2011 as the Group Credit Executive.
He later led management efforts in the creation of Club Plus and more recently, led the transformation of Group Credit into the Financial Services division. As CFO he was key in navigating the tough conditions created by the Covid-19 pandemic.
“The Board, management and staff would like to thank Bright for his contributions over the years and wish him well in his future endeavours,” said Sibanda.
The appointments come at a time when Edgars Stores Limited recorded a loss of 1 million units in sales compared to prior year levels as a result of the COVID-19 pandemic -plunging the company into a $176,5 million loss for the year ended 10 January 2021.
The COVID-19 pandemic -induced hard lockdown disrupted business between March and April 2020.
Consequently, units sold declined from 3,4million to 2,4million compared to the same period previous year.
Revenue was down 23 percent to $2,1 billion and profitability down 320 percent to a loss of $176,5 million in inflation adjusted terms.