• Fri. Apr 19th, 2024

Edgars shares soar on new CEO appointment


Oct 31, 2023

By ETimes

Clothing retailer Edgars Stores Limited shares were up by nearly 6% on Monday after the company appointed several new senior leaders to its management team.

The shares of the company appreciated by 4.60% to close at $99.74.

Among the new appointments is Sevious Mushosho as the group’s new chief executive officer.

Mushosho, is replacing Tjeludo Ndlovu, the group chief executive officer, who resigned from the board and will be leaving the group on 31 October 2023 after 11 years of service.

She joined the group in 2012 as a group accountant.

“Mr Mushosho has worked at executive level in various companies in Zimbabwe, Zambia, Malawi and Mauritius, including Sub Sahara Capital Group, Distribution Group Africa, AfriAsia Holdings limited and Innscor Africa among others,” the company said in a notice to shareholders.

“He has been on the Board since July 2022 as a Non-Executive Director and from May 2023 as the Group Chief Operating Officer.”

Happiness Vundla, the group chief finance officer of the group, resigned from the board and will be leaving the group on 31 October 2023.

The group appointed Peter Mnyama as the executive director – retail chains, effective November 1, 2023.

“A career fashion retailer with over 25 years’ experience, Peter joined the Group as Merchandise Trainee back in 1998. He rose to Group Merchandise Controller in 2004 and later became Express Merchandise Executive.

“He later moved to Edcon in South Africa in 2008 and later returned to Zimbabwe as the Marketing and Sales Executive for Carousel Private Limited in 2013, a role he kept until 2016 when he became Merchandise Executive for the Jet Chain.

“In 2020 he became the Jet Chain Managing Director and then moved to become Edgars Chain Managing Director in 2022,” reads the notice.

Manyama holds a BCom Honours degree in Marketing, an Executive Development Diploma from ICAZ and a number of planning and management development qualifications.

On the other hand, the group appointed Mark Robb as non-executive director, effective 1 November 2023.

“Mark is a skilled IT professional with over 22 years multinational experience across Fintech, Banking, FMCG, Media, Manufacturing, and Agricultural sectors. He has a B.Com Honours Degree in Information Systems and Management from Rhodes University in South Africa and many other IT qualifications obtained from various Institutions.

“The Board congratulates Mark on his appointment and looks forward to his contributions from his diverse ICT knowledge,” reads the notice.

Edgars is currently the 29th most valuable stock on the ZSE with a market capitalization of $59.4 billion, which is about 0.477% of the Zimbabwe Stock Exchange equity market.

Edgars began the year with a share price of $9.50 and has since gained 950% on that price valuation, ranking it 17th on the ZSE in terms of year-to-date performance – Harare

By ETimes

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