Oliver Kazunga Acting Business Editor
BRITISH American Tobacco (BAT) Zimbabwe managing director Lovemore Manatsa is retiring on January 31, 2016 after serving the cigarette manufacturing firm for 20 years.
Before being appointed managing director in 2008, he held several positions upon joining the cigarette processor in 1995.
In a notice, BAT said following Manatsa’s retirement, Clara Mlambo would be appointed managing director effective February 1, 2015.
“The board wishes to announce that the company’s managing director (Lovemore Manatsa), will retire on 31st January 2016.
“He will remain as a non-executive director of the board following his retirement as an employee of the company.
“Following his retirement, the board is pleased to announce the appointment of Clara Mlambo as managing director of the company, with effect from 1st of February 2016,” said BAT Zimbabwe.
Manatsa also once served as the BAT Malawi managing director and has held various positions in Zimbabwe since joining the BAT group.
He also served as non-executive director at BAT Zambia Plc since May 2005.
Meanwhile, the cigarette manufacturer also announced the resignation of Peter Doona as its finance director.
“Peter Doona resigned from the position of finance director of the company. The chairman and the board are grateful for his contribution to the company during his tenure. The board is pleased to announce the appointment of Lucas Francisco as finance director . . . with effect from December 8, 2015.”
In the six months to June 2015, BAT Zimbabwe reported a 39 percent increase in operating line at $9,74 million.
Revenue in the period was at $21,79 million, an increase of eight percent from last year mainly driven by marginal pricing gains following the increase necessitated by the December 2014 excise duty review.