This is huge. EcoCash Holdings has appointed new directors after all but two resigned. In total, eight directors have resigned, including the chairperson, while ten new directors have been appointed.
Needless to say, this is not something that happens on a typical business day. It all makes sense when you find out that Tawanda Nyambirai now has a controlling stake in EcoCash Holdings.
Please remember that EcoCash Holdings is only EcoCash in name, as it no longer includes the mobile business you are aware of. In fact, it let go of even more subsidiaries you associated with EcoCash.
So, all in all, EcoCash Holdings lost EcoCash, Econet Life, Econet Insurance, Vaya Technologies, Maisha Health Fund, and Mars.
So, although we are talking about EcoCash Holdings, think Steward Bank. That’s essentially all that EcoCash Holdings is at this point.
Another quick reminder is that Tawanda Nyambirai, who now has a controlling stake in EcoCash Holdings, was the original founder of Steward Bank, then called TN Bank in 2001. He sold it to Econet back in 2013. So, we are talking about exes getting back together here.
With all that said, I think we have a clearer picture of why all those directors resigned.
Tawanda Nyambirai’s Appointment as CEO
Nyambirai took over control and then also took over as CEO. He said:
I am happy that I have now bought Steward Bank back and look forward to continued support from everyone
His leadership, of course, means a shift in the company’s strategic direction, potentially sidelining existing board members who may not have aligned with his approach. Or maybe he just has his own trusted lieutenants. Either way, there was no place for those old directors. So, I wouldn’t think of what happened as resignations but rather as polite requests to move on.
The Exit of EcoCash Mobile Money and Other Subsidiaries
EcoCash Holdings was primarily known for its mobile money business, which it let go of months ago. The sale of other subsidiaries further reduced the company’s complexity.
Some directors may have felt their roles became redundant as the company’s core business changed.
Interesting Elizabeth Masiyiwa Tidbit
The only two directors who did not resign are Strive Masiyiwa’s daughter, Elizabeth, and Dominic Musengi.
This suggests that the Masiyiwa family is not out of the Steward Bank business, even though some of their long-term lieutenants, like Darlington Mandivenga and Eddie Chibi, were among the departing directors.
That brings us to the list of departing directors:
- Sherree Gladys Shereni (Chairperson, Independent Non-Executive Director)
- Zienzile Dillon (Independent Non-Executive Director)
- Hardy Pemhiwa (Non-Executive Director)
- Darlington T. Mandivenga (Non-Executive Director)
- Michael L. Bennett (Independent Non-Executive Director)
- Christopher Maswi (Independent Non-Executive Director)
- Eddie Chibi (Executive Director)
- Theresa Nyemba (Executive Director)
We may not recognize all those names, but some of these people have been long-serving employees in the Econet Group. So, it will be interesting to see where they end up. I would not be surprised if some of them find their way to Econet, especially in the mobile money division.
These are the people who will replace them:
- Titus Murefu (Chairperson, Independent Non-Executive Director)
- Rugare Chidembo (Non-Executive Director)
- Roy Chimanikire (Non-Executive Director)
- Nadine Gabi Levy (Independent Non-Executive Director)
- Evaristo Mudhikwa (Independent Non-Executive Director)
- Morgen Mufowo (Independent Non-Executive Director)
- James Andrew Kufakunesu Mushore (Independent Non-Executive Director)
- David Alexander Rhodes (Independent Non-Executive Director)
- Tawanda Nyambirai (Group Chief Executive Officer, Executive Director)
- Hazvinei Kapfunde (Banking Operations Director, Executive Director)
So, EcoCash Holdings is going to have a bigger board despite being less complex. Yay.