Mandiwanza denies ‘sweetheart’ deal in succession plan“…if I respond to idiots, I become an idiot too,” says retiring CEO

DAIRIBORD Zimbabwe Limited’s outgoing chief executive officer (CEO) Anthony Mandiwanza yesterday laughed off speculative reports that he influenced the appointment of a sweetheart to succeed him as he bows out after 26 years at the helm.

In a surprise move, Mandiwanza last week announced that he would be leaving the Zimbabwe Stock Exchange (ZSE)-listed dairy giant at the end of September.

Mandiwanza landed the top chair in 1996, after which he led DZL’s privatisation and listing on the ZSE the following year.

But despite a hugely successful career highlighted by extensive forays into regional markets, Mandiwanza’s tenure has recently been the subject of protracted debates, with critics claiming he had overstayed in the post.

Their prayers were answered last week when the Dairibord board announced his departure, and confirmed finance director, Mercy Ndoro, as his successor.

On the ZSE, Dairibord’s share price remained firm days after the announcement, potentially demonstrating the market’s respect for Ndoro.

But in dramatic fashion days later, an enraged shareholder activist Jacob Kudzayi Mutisi raised issues with the succession plan, accusing Mandiwanza of handpicking his “second wife” for the post.

He claimed Mandiwanza harboured plans to return as board chairperson.

Speaking exclusively to NewsDay Business, Mandiwanza said the noise over the board’s pick for CEO was all “idiocy”.

“There are times when you don’t want to respond to idiots because you become an idiot too,” the Dairibord chief said.

He was responding specifically to allegations that Ndoro was his second wife.

“A genuine shareholder of a company like Dairibord would go to the board and present his issues. Every company that is listed on the ZSE, and even private companies, has a succession plan. Dairibord could not stay without a succession plan. If I did not have a succession plan and (things went wrong) I would be blamed again,” he said.

“An outgoing CEO can’t appoint a successor. He (Mutisi) said I want to come back as chairman, but the appointment of a chairman is done by the board, which is appointed by shareholders. There are lines of responsibility. Shareholders elect a board of directors and hold them accountable. You will find that he has not challenged her professional qualifications or her resume. I am surprised that he was comfortable with her as the FD for 13 years, but he can’t be comfortable with her as CEO. How do we do management succession planning? You have seen her at analyst briefings where she talks to analysts. It was all part of succession planning. If you want to know details about the Dairibord balance sheet, she has the details,” Mandiwanza said.

But is he leaving now, NewsDay Business asked?

“There are times when you decide that you want to rest,” said Mandiwanza, a former president of the Confederation of Zimbabwe Industries.

“I have other activities that also require my attention outside the day-to-day rigours of corporate office, I also want to grow,” he said.

Asked what growth he was looking for after such a long career at the top, he said: “After working for many years, you want to preserve what you have gathered.”

But Mutisi was unrelenting. In a letter to the Dairibord board seen by NewsDay Business, he claimed that he was fighting for a transparent succession.

“All I am asking is for the board and the current CEO to do the right thing and follow the very corporate governance he preaches,” Mutisi wrote.

“We cannot continue with the Mugabe syndrome where one can impose one’s “wife” in a position of authority. I do not think I did anything wrong to request the board to give me answers and the relevant authorities to investigate. Mr chairman and the board please do not demonise me, just follow what good corporate governance requires,” he said.

He tried to dispel rumours that he was a bitter man after being turned down for a key position at the firm.

“Let me emphasise that I did not apply for a job at Dairibord and neither did I ask for any favour from Mr Mandiwanza. My request was done in good faith so that good corporate governance should be followed, not that there are scores to settle. Can you kindly ask Mr Mandiwanza to stop sending me threatening texts, there is no need for that kind of behaviour.

“I am reliably informed that Mr Mandiwanza has advised you, that I applied for a chief operating (officer) position at Dairibord and was unsuccessful. I would like to make it very clear that Mr Anthony Mandiwanza got in touch with me requesting that I submit my CV, including one for ICT board appointments after reading my article on information and communication technology (ICT) experts on company boards.

“I then advised the ICT leadership I chair and the ICT professionals at large. That is how Mr Anthony Mandiwanza got hold of my CV, I have the emails to confirm this. Mr Mandiwanza is now using my CV as evidence that I applied for a job and failed, hence, I have ‘sour grapes’ that is why I exposed his shenanigans at Dairibord.

“Mr chairman sir, please can you ask Mr Mandiwanza when I applied, and furnish you with my application letter and when I was called for the interview, when I attended the job interview and who was present during the interview, including any evidence he may use to prove these false allegations he is peddling,” he added.-newsday