By A Correspondent-In a bold and strategic move to restore stability and drive a turnaround, OK Zimbabwe has restructured its top leadership by retiring the entire board of directors and reappointing its former chief executive officer, Mr. Willard Zireva, as executive chairman.
Mr. Zireva, a respected veteran in the retail sector with over two decades of leadership at OK Zimbabwe, is widely credited for the company’s earlier growth and resilience during turbulent economic times. His return to the helm is being hailed by market watchers as a vote of confidence in his exceptional corporate governance record, business insight, and steady leadership.
The supermarket chain’s current chairman, Mr. Herbert Nkala, along with long-serving board members Ms. Rose Mavima, Mr. Tawanda Gumbo, and Mr. Wonder Nyabereka, will officially step down at the forthcoming Annual General Meeting. Sources familiar with the matter describe the board overhaul as part of an “urgent restructuring effort” spearheaded by shareholders.
The restructuring also involved the voluntary exit of former CEO Mr. Maxen Karombo, chief financial officer Mr. Phillimon Mushosho, and supply chain director Mr. Knox Mupaya. In response, Mr. Zireva was recalled in an interim capacity to provide experienced leadership and restore stakeholder confidence. He will serve as executive chairman for the next three years.
Joining him in the interim management team are Mr. Alex Siyavora, returning as chief financial officer, and Mr. Muzvidzwa Chingaira, who has been appointed supply chain director.
“The current executive management, comprising seasoned former executives who were brought in to stabilise the company, will remain in place until the end of the current financial year,” the company said in a statement. “A new substantive executive management team will be appointed to carry forward the strategy with operational rigour and strategic foresight.”
Under Zireva’s watch, OK Zimbabwe is embarking on a capital-raising initiative aimed at revitalising the business and positioning it for long-term sustainability. The company is targeting US$30.5 million through a renounceable rights offer and the disposal of selected immovable assets.
According to the circular to shareholders, the rights offer aims to raise US$20 million, while US$10.5 million will come from asset sales. The funds will be used to settle legacy debts, improve working capital, finance capital expenditures, and rebuild supplier relationships.
Shareholders will be invited to subscribe for 1.37 new shares for every share held, at a discounted price of US$0.0109 per share. Shareholders representing 73% of the issued share capital have already committed to supporting the initiative. Key institutional investors, including the National Social Security Authority, Datvest Nominees, and Old Mutual, have provided underwriting guarantees amounting to US$16.54 million.
Zireva’s return to the leadership seat reflects a deep well of trust in his integrity, knowledge of the retail sector, and ability to steer OK Zimbabwe through complex financial and operational challenges. His reappointment is expected to catalyse renewed supplier support, improve corporate transparency, and reinforce governance practices at a time when confidence is essential.
Despite facing stiff competition from informal traders, rising input costs, and declining consumer spending power, OK Zimbabwe is betting on seasoned leadership, strategic clarity, and operational discipline to navigate the headwinds.
As of February 28, 2025, the company’s outstanding liabilities exceeded US$30 million, with US$24 million owed to suppliers and the remainder split between statutory obligations and service providers. Management acknowledged past issues, including suboptimal capital deployment and delayed creditor engagement, but believes the turnaround plan under Zireva’s guidance will lay the groundwork for recovery.
OK Zimbabwe’s decision to bring back a tested and trusted leader at this critical juncture demonstrates the value of institutional memory, strong governance, and ethical leadership in restoring business confidence.