HARARE — Zimbabwe’s central bank governor John Mangudya will become the CEO of the Mutapa Investment Fund, a state-owned entity that aims to boost the country’s economic recovery, President Emmerson Mnangagwa announced Friday.

Mangudya, who has led the Reserve Bank of Zimbabwe since 2014, will be replaced by John Mushayavanhu, a former executive at a leading financial services group, the president said in a statement.

Mangudya’s tenure as RBZ governor, which began in March 2014, will end on April 30, 2024, in accordance with Section 15 (3) of the Reserve Bank of Zimbabwe Act, which limits the governor’s term to 10 years.

His redeployment to the newly revived Mutapa Investment Fund will pave the way for John Mushayavanhu, the former FBC Holdings Limited Group chief executive officer, to assume the position of RBZ governor.

The president’s office said the appointments were made in line with good corporate governance and succession planning principles.