Turnall Holdings' Finance Director Steps Down

Author Name
Tinashe W Duma
Markets 2 weeks ago

Tile manufacturer, Turnall Holdings, has announced the stepping down of Finance Director Samson Mavende. Mavende who has been with the organization for 4 years is set to step down at the end of the month (April 2021).

Mavende joined Turnall as Finance Director in the midst of a restructuring process. Turnall had sacked most of its key executives including the CE John Jere after accusing them of embezzling US$2.5 million.

At that respective point the Company had likewise been struggling as financial performance stayed in the red for over 3 years. Mavende was thrust into the role of Finance Chief while Rose Chisveto took over as acting Managing Director before her substantial appointment in 2018.

2 years on, a fairly young Chisveto fell out of favour with the shareholders and was forced out together with a coterie of executives and senior managers.

When Chisveto left in August 2020, Mavende was briefly appointed interim CEO. However, the Company soon appointed an outsider, Zvidzai Bikwa, as the substantive successor. Bikwa has been leading a reformation of the Company, beginning with a management shake-up.

It remains to be seen what substantial impact the changes will bring to the Company’s financial performance.

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