ZIMBABWE Stock Exchange (ZSE) listed piping products producer, Turnall Holdings Limited says managing director (MD), Zvidzayi Bikwa has stepped down from his role, only a year after taking over the hot seat.
Turnall has been beset with a high turnover of MDs, one of them following a forensic investigation that brought out serious governance deficiencies.
In a regulatory filing with the ZSE, Turnall said on Friday the outgoing MD will be replaced by the firm’s chairperson John Mkushi in an acting capacity.
Mkushi will sit inTurnall’s top executive chair for six months, while the firm scouts for a substantive head, according to company secretary, Cynthia Mahari.
“Zvidzayi Bikwa has left Turnall Holdings Limited to pursue personal interests,” Mahari said in the statement.
“Although his contract runs up to 30 April 2023, he has been given leave of absence whilst serving his notice.
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“The board is currently looking to fill this position as soon as possible.
“The board of directors extends its sincere gratitude to Zvidzayi for his invaluable service during his tenure as managing director of the group and wishes him the very best in his future endeavours.
“John Mkushi has stepped down as chairman of the board of directors with immediate effect to take up the position of acting managing director, a position he will hold for a maximum period of six months, during which time a substantive managing director will be appointed.
“The board extends its sincere appreciation to John for his commitment and service during his tenure as the board chairman.”
In an interview with our sister paper, NewsDay after his appointment in April 2022, Bikwa said he was stepping into a firm with high potential to succeed.
He said getting a chance to lead Turnall, which was 79 years at the time, was a privilege.
“The company has huge potential and opportunities exist for further exploration,” Bikwa told NewsDay last year.
“Turnall has done very well this past year and can rise beyond what it has achieved before.
“It’s my privilege to be part of a company with such a solid background and 79-year history, which makes Turnall a significant industry player.
“We need to achieve a good sustainable return for our stakeholders, especially shareholders.
“The goal is to take Turnall to greater heights and make it the leading construction company through innovation.
“The ever-changing business operating environment means we need to be versatile and innovative in coming up with practical solutions which work for the business and our clients.
“We believe our image and record will be judged on performance.”