HARARE
–
OK
Zimbabwe
Limited
has
overhauled
its
executive
leadership
as
part
of
what
it
says
is
an
urgent
restructuring
effort
to
stabilise
the
business
amid
mounting
operational
challenges.
The
company
has
parted
ways
with
Chief
Executive
Officer
Maxen
Phillip
Karombo,
Chief
Financial
Officer
Phillimon
Mushosho,
and
Supply
Chain
Director
Knox
Mupaya
through
voluntary
separation
agreements.
Willard
Zireva,
who
retired
as
CEO
in
2017,
returns
to
the
helm
of
the
company
alongside
Alex
Siyavora,
who
assumes
the
role
of
chief
financial
officer.
Siyavora
succeeded
Zireva
as
CEO
and
led
OK
Zimbabwe
until
2021.
Muzvidzwa
Richard
Chingaira
is
the
new
supply
chain
director.
The
trio
has
been
tasked
with
steering
the
retailer’s
turnaround
over
the
next
six
months
as
the
board
searches
for
permanent
replacements.
The
board
acknowledged
the
contributions
of
the
outgoing
executives
and
expressed
confidence
that
the
new
leadership
team
would
steer
the
retailer
toward
recovery.
The
restructuring
exercise
comes
as
OK
Zimbabwe,
in
a
recent
trading
update,
said
it
is
working
to
restore
normal
stocking
levels
before
the
end
of
the
financial
year
through
new
procurement
models
and
support
from
supplier
partners
and
financial
institutions.
The
company
has
previously
said
the
fortunes
of
Zimbabwe’s
formal
retail
sector
are
tied
to
exchange
rate
stability.
In
that
light,
OK
Zimbabwe
welcomed
the
recently
announced
monetary
policy
measures,
which
removed
some
limitations
and
introduced
greater
flexibility
in
the
foreign
exchange
market
but
called
for
absolute
clarity
on
the
roadmap
towards
a
full
market-determined
exchange
rate
system.
OK
Zimbabwe
reported
a
36
percenr
decline
in
revenue
for
the
third
quarter
ended
December
31,
2024,
attributing
the
drop
to
subdued
consumer
spending,
currency
devaluation,
and
supply
chain
disruptions.
The
company
faced
acute
local
currency
liquidity
shortages,
which
restricted
access
to
funding
for
working
capital
cycles.
A
sharp
devaluation
of
the
Zimbabwean
dollar
(ZWG)
in
September
2024
nearly
doubled
the
group’s
US
dollar-denominated
obligations
in
loans
and
creditor
balances.
Stock
availability
dropped
to
around
50
percent
of
normal
levels
due
to
limited
supplies
from
manufacturers
and
distributors.
The
company
reported
that
low
US
dollar
sales
collections,
at
times
as
low
as
20
percent
of
sales
revenue,
exacerbated
supply
challenges.
Suppliers
continued
to
insist
on
shorter
trading
terms
and,
in
some
cases,
prepayments
for
supplies
invoiced
in
local
currency,
the
retail
giant
said
in
a
recent
trading
update.
This
strained
the
group’s
working
capital
and
increased
reliance
on
short-term
funding.
Power
outages
further
disrupted
operations
and
increased
costs.
In
response,
OK
Zimbabwe
closed
four
branches
in
Harare—Glen
Norah,
Kuwadzana
5,
Chitungwiza
Town
Centre,
and
Robson
Manyika
Street.
Despite
the
quarterly
decline,
the
group
recorded
a
10
percent
year-to-date
volume
growth
compared
to
the
previous
year.
The
company
remains
in
consultation
with
fiscal
and
monetary
authorities
and
continues
to
engage
supplier
partners
and
financial
institutions
to
stabilise
operations.