TAs Mutasa moves on

shingai_mutasa1HARARE - Shingai Mutasa (pictured) has ended a colourful tenure with Zimbabwe high street giant TA Holdings, a diversified group listed on the Zimbabwe Stock Exchange with a current net value of over US$100 million, after he stepped down as executive chairman.

Mutasa had an eventful leadership, attracting both praise and admiration since assuming the post of executive chairman which he held for 13 years.

Mutasa was revered for steering the listed firm through difficult hyperinflationary times and posting staggering profits, but insiders say he was vilified for excessive boardroom control.

Mutasa co-founded Venture Finance, an investment vehicle that bought into TA Holdings with the objective of turning it into a continental investment group. He is also Chairman of FMI Holdings, a privately held investment company formed in 1990. The company is the major shareholder of Joina Development Company, an infrastructure and commercial real estate developer that has built Harare’s latest sky

scraper Joina Centre.

The Joina Centre’s 23 floors include three levels of parking, four levels of retail section and 16 levels of office space.

Mutasa graduated from the University College London with a B.Sc. (Econs) Hons degree in 1980. He returned to Zimbabwe after completing his studies and commenced upon a successful career in commodity trading and marketing through a family-owned company.

Gaving Sainsbury, who was chief executive of Innscor subsidiary Colcom Limited, replaces Mutasa at TA Holdings, but he comes in as chief executive.

Mutasa will take on a more demanding role at the US$100 million Jersey-registered investment company, Masawara, after the departure.

Post published in: Economy

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