SEED firm, Seed Co Group (Seed Co) has appointed Tineyi Chatiza group chief financial officer effective December 1, 2024.
This comes as the company seeks to navigate recent challenges while maintaining its growth trajectory in the competitive agricultural sector.
In its latest financial report, Seed Co Limited revealed a remarkable 73% increase in revenue during half-year period ended September 30, 2024, primarily driven by higher maize and wheat seed sales volumes.
This surge reflected strong market demand and the company’s successful expansion of its product offerings and export capabilities.
However, despite this, Seed Co’s profit after tax plummeted to US$1,21 million during the period under review from US$15,97 million in the comparative period last year.
The drop was owing to the group’s other income falling by nearly 92% during the period.
The Seed Co Group consists of sister companies Seed Co Limited, which operates locally and Seed Co International, which mostly focuses on markets outside Zimbabwe.
“The board is pleased to announce the appointment of Tineyi Chatiza as group chief financial officer effective December 1, 2024,” Seed Co said in a statement on Wednesday.
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“Tineyi succeeds John Matorofa, who is retiring after a distinguished career during which the group achieved significant expansion across Africa.”
Chatiza brings nearly two decades of extensive experience in investment banking, finance, governance and risk management to his new role.
He joined Seed Co in 2018 as the group head of corporate finance, and was appointed group head of corporate services and company secretary in 2022.
“In this capacity, he has overseen critical functions including financial planning, control and reporting, as well as governance, compliance, and investor relations. Prior to joining Seed Co, he held senior leadership positions in corporate finance, fund management and finance in the financial services sector,” Seed Co said.
“A certified chartered accountant and fellow of the Association of Chartered Certified Accountants (ACCA-UK), Tineyi is also a registered public accountant in Zimbabwe. He holds a Bachelor of Business Studies (Hons) in Finance and Banking from the University of Zimbabwe, as well as a Diploma in Banking from the Institute of Bankers of Zimbabwe (IOBZ).”
NewsDay Business understands that Chatiza is an associate of the Institute of Risk Management of South Africa and a graduate of the Advanced Management Programme at the Wharton School of Business, in the United States.
“The board extends its heartfelt gratitude and best wishes to the retiring members, Messrs Regis D A Fournier and John Matorofa, for their invaluable contributions and dedication, which have significantly shaped the success of Seed Co in Africa,” Seed Co said.
“At the same time, the board warmly welcomes the newly appointed members, expressing confidence in their ability to uphold and build upon the legacy of innovation and progress that defines the group.”
