Atlas Mara reshuffles ABCH top management

HARARE - ABC Holdings (ABCH)’s top management has been reshuffled — with its chief executive Douglas Munatsi leaving — following the banking group’s takeover by Atlas Mara Co-Nvest Limited (Atlas Mara).

In August, Atlas Mara — founded by former Barclays Plc boss Bob Diamond and Africa’s youngest billionaire Ashish Thakkar — completed a deal to acquire a 95,84 percent stake in ABCH.

The management shake-up, which will see the group’s chairman Howard Buttery stepping down, involves the appointment of new executives by the new London Stock Exchange-listed shareholder.

Departing together with Munatsi, by year end, is ABCH’s chief operating officer Francis Dzanya and chief financial officer Beki Moyo.

The trio received a total of 1 743 888 Atlas Mara shares in consideration for the transfer of their shares in ABC Holdings at the time of the completion of the acquisition.

Non-executive director Ngoni Kudenga is also stepping down.

In connection with the management team’s departure, ABCH expects to incur a one-time net charge to income of approximately $5,8 million in the fourth quarter of 2014.

“Beki, Francis and I have decided that, following the completion of Atlas Mara’s acquisition and the recent closing of Atlas Mara’s mandatory offer, it is an opportune time to leave the group,” Munatsi said.

“In connection with their separation, Atlas Mara has agreed to purchase these shares at a price of $10 per share. The repurchased shares will be held in treasury.

“In addition, the departing management team has been granted options over a total of 1 521 838 ordinary shares,” said the banking group.

Meanwhile, Atlas Mara’s chief executive John Vitalo has been appointed as interim chairman, subject to regulatory approval while Bradford Gibbs, a member of the Atlas Mara’s executive committee, has been appointed to ABCH’s board.

Vitalo said they had already identified a highly qualified team led by Simbarashe Ronald Pfende, who comes in from Standard Bank to take over as ABCH’s new chief executive.

Pfende will be supported by Makhosi Boyede and Amelia Reynecke, who have been appointed as co-chief operating officers and Christine Bronkhorst, who has been appointed as chief financial officer.

Boyede joins from uBank where she was the Corporate Strategy, Programme Office and Business Development executive, a position she had held since October 2013.

Most of her career has been in banking, particularly at Absa Group, which she left in 2012.

Reynecke was previously at Barclays Africa where she was head of Operations and Technology (Wholesale and Wealth) and Group Payments, a position she held from 2008.

Prior to her appointment she held a number of senior roles at Nedbank, which she had joined in 1998, culminating as head of operations and strategic projects.

She has over 30 years’ experience in leading operations and IT in the banking industry.

Bronkhorst joins from the Management Consulting Business Unit of KPMG Services. She has specialised in business development in the financial services industry in Africa.

She was with KPMG for nine years, with experience gained in audit and client engagement.

 

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