New Edgars shareholders make sweeping changes
The group’s majority shareholding is now controlled by a Mauritian investment management firm, SSCG Africa Holdings.
TWO executive directors at the clothing maker and retailer Edgars Stores have resigned with effect from today, as new firm owners make sweeping changes at the helm.
The group’s majority shareholding is now controlled by a Mauritian investment management firm, SSCG Africa Holdings.
Tjeludo Ndlovu, the group’s chief executive officer, and Happiness Vundla, the group’s chief finance officer, resigned from the board and are leaving the garment maker today, according to a shareholder update released yesterday.
Ndlovu has been with the group for 11 years, having joined in 2012 as group accountant. Vundla took responsibility of the finance department in 2021.
The board of directors have replaced Ndlovu with Sevious Mushosho. Vundla is yet to be replaced.
“The board would like to announce the appointment of Sevious Mushosho as the chief executive officer of the group with effect from November 1, 2023. Sevious is a fellow chartered accountant Zimbabwe with over 20 years of multinational experience in cross-functional management, financial management, audit, insurance, banking, retail and distribution,” the update read in part.
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.
He has been on the board since July 2022 as a non-executive director and from May 2023 as the group chief operating officer.
The board also appointed Peter Mnyama executive director-retail chains with effect from November 1, 2023.
A career fashion retailer with over 25 years’ experience, Mnyama joined the group as merchandise trainee back in 1998. He rose to group merchandise controller in 2004 and later became express merchandise executive.
He then moved to Edcon in South Africa in 2008 and returned to Zimbabwe as the marketing and sales executive for Carousel Private Limited in 2013, a role he played until 2016 when he became merchandise executive for the Jet Chain.
In 2020, he became the Jet Chain managing director and moved to become Edgars Chain managing director in 2022.
Mark Robb, who has been appointed non-executive director, is an IT professional with over 22 years’ multinational experience across fintech, banking, FMCG, media, manufacturing and agricultural sectors. He has a BCom Honours Degree in Information Systems and Management from Rhodes University in South Africa and many other IT qualifications obtained from various institutions.
SSCG bought 100% of Bellfield, the investment vehicle through which Edcon held 41,07% of Edgars. The Competition and Tariff Commission approved the takeover in 2019 without conditions.
SSCG Africa Holding also has interests in local micro-finance Untu Capital.
Following the consummation of the deal, the new owners have relocated the retail chain management offices from Bulawayo to Harare where they have more shops in order to manage them on a day-to-day basis.
Edgars is the largest clothing retailer, with 25 branches throughout the country. It also controls 25 Jet stores, the Club micro-finance unit as well as Carousel, the garment manufacturing factory based in Bulawayo.-newsday
