BancABC executives to step down after takeover
Isaac Pinielo | Wednesday December 10, 2014 14:46
In a statement released yesterday, the bank stated that the chief executive officer, Douglas Munatsi, group chief financial officer Beki Moyo and group chief operating officer Francis Dzanya would leave the company at the end of this year to make way for a new team, led by Simbarashe Ronald Pfende.
Pfende joins BancABC from the Standard Bank group where he was head of finance transformation. Makhosi Boyede and Amelia Reynecke have been appointed co-chief operating officers, and the chief financial officer will be Christine Bronkhorst. This follows Atlas Mara’s successful completion of its acquisition of BancABC in August.
BancABC noted that since completion of the transaction, the executive management of Atlas Mara and BancABC had been collaborating on identifying opportunities for enhancing BancABC’s operations, and executing its strategy.
“As the group embarks on the next phase of its development, it was determined, together with the board of directors of BancABC, that now is the right time for Munatsi, Moyo and Dzanya to stand down,” stated the bank.
It also indicated that Atlas Mara, in consultation with the board of directors of BancABC, had identified a highly-qualified team led by Pfende, who would work with the Atlas Mara team to lead BancABC’s future growth and development. The departing executives are working closely with Atlas Mara and the new management team to ensure a carefully managed transition.
The bank further stated that Howard Buttery had stepped down from his role as chairman of the BancABC board and would also be leaving at the end of the year, together with fellow director, Ngoni Kudenga. Atlas Mara chief executive John Vitalo has been appointed as interim chairman, subject to regulatory approval. Bradford Gibbs, a member of the Atlas Mara executive committee, has also joined the board of BancABC.
Commenting on the move, Munatsi said he and other senior managers had decided that following the completion of Atlas Mara’s acquisition and the recent closing of Atlas Mara’s mandatory offer, it was an opportune time for them to leave the group. He however expressed confidence at BancABC’s future, saying that majority of shareholders had access to capital, expertise and experience to grow the institution. “I am proud of what we have accomplished during the past two decades and would like to thank BancABC’s employees, customers and our board, particularly two of our long-standing directors, Howard Buttery and Ngoni Kudenga, for their support during the past several years,” he said.
Munatsi has been the CEO of BancABC since its formation in 2000. He has also headed First Merchant Bank and Heritage Investment Bank. Due to the management team’s departure, BancABC is expected to incur a one-time net charge to income of about $5.8 million (P54.5 million) in the fourth quarter of 2014.