Alex Siyavora has been appointed OK Zimbabwe CEO
OK Zimbabwe’s current finance director Alex Siyavora has been appointed successor chief executive officer (CEO) to outgoing long serving Willard Zireva who steps down on March 31, 2017
According to an internal memo, Zireva said Siyavora will assume the new role from April 1 2017.
“I wish to advise that following a series of interviews of internal candidates as well as people invited from outside the company, the Remuneration Committee of the OK Zimbabwe Limited Board of Directors has confirmed Alex Edgar Siyavora (current finance director) as my successor in the position of Chief Executive Officer for the company with effect from 1st April 2017. Siyavora has been in the company for over 15 years.
“I will continue as Chief Executive Officer of the company until 31 March 2017 and will hand over the running of this great company to Siyavora from 1st April 2017 after being involved for exactly 33 years come the 31st march 2017,” he said.
Zireva, who joined the chain in 1984, was appointed managing director of OK supermarkets in 1990 and assumed the CEO post when Delta unbundled the group in 2001.
OK’s succession plan has been a contentious subject for a while now and many analysts believe that it had limited the extent to which the group could grow.
In what now appears to be his last presentation to analysts as OK CEO in November last year, Zireva steered the retail giant to increased sales, largely on cost management which propelled the retail chain to an improved profit position in the half year period to 30 September 2016 with after tax profit going up 87,1 percent to US$2,3 million compared to US$1.2 million in 2015. During the period, revenue increased 2,3 percent to US$218,6 million from US$213,6 million in the comparable period in prior. FinX
