Zimbabwe’s largest supermarket chain rehired two former chief executive officers to turnaround the embattled retailer over the next six months after firing several top executives.
Willard Vimbai Zireva, who retired as OK Zimbabwe CEO eight years ago, will replace Maxen Karombo as head of the retailer, the company announced Wednesday.
Chief Financial Officer Phillimon Mushosho will be replaced by Alex Edgar Siyavora, who was also a former CEO at the retailer, and a new supply chain director was appointed.
“The company has been facing operating challenges that have necessitated a comprehensive business review and restructuring aimed at enhancing operational efficiency and driving sustainable growth in a dynamic market,” Margaret Munyuru, the company secretary, said in an emailed statement.
The retailer in a trading update last week said it shut four branches in the capital, Harare, because of headaches such as worsening power outages, increased competition from the informal sector, tight money supply and a rise in the value of its US-dollar-denominated obligations after the central bank devalued the ZiG.
It also urged authorities to allow a free-float of the gold-backed currency.
