ABC Holdings Limited has announced major management changes that will take effect at the end of the year following the completion of Atlas Mara Co-Nvest Ltd (Atlas Mara)’s acquisition of BancABC in August 2014.
In a press statement yesterday, both groups confirmed the developments saying group chief executive officer (CEO) Douglas Munatsi, group chief financial officer (CFO) Beki Moyo and group chief operations officer (COO) Francis Dzanya would be stepping down from their roles at BancABC.
“Atlas Mara, in consultation with the board of directors of BancABC has identified a highly-qualified team led by Simbarashe Ronald Pfende as CEO, who, following appropriate vetting and approvals by relevant regulators, will, together with the Atlas Mara team, be focused on leading BancABC’s future growth and development. Ronald will be supported by Makhosi Boyede and Amelia Reynecke, who have been appointed as co-COOs, and Christine Bronkhorst, who has been appointed as CFO,” the statement said.
The groups said Munatsi, Moyo and Dzanya are working closely with the new management team to ensure a carefully managed transition.
Pfende joins from Standard Bank group where he most recently was head of finance transformation. He also held a number of other senior roles at the bank, including CFO of Stanbic IBTC Bank in Nigeria and CFO of Stanbic Bank Uganda.
Prior to Standard Bank, he was financial controller of BP Tanzania Ltd. He is a qualified chartered accountant and has an MBA from the University of South Africa.
Boyede joins from uBank where she was the executive for corporate strategy, programme office and business development since 2013.
Reynecke was previously at Barclays Africa where she was head of operations and technology (wholesale and wealth) and group payments from 2008.
Bronkhorst had been with KPMG for nine years and joins from the management consulting business unit of KPMG Services. She has specialised in business development in the financial services industry in Africa.
According to the statement, Howard Buttery has stepped down as chairman of the board while Ngoni Kudenga will leave the BancABC board too.
John Vitalo, CEO of Atlas Mara, has been appointed interim chairman, subject to regulatory approval. Bradford Gibbs, a member of the Atlas Mara executive committee, has also joined the BancABC board.
Munatsi, Moyo and Dzanya received a total of 1 743 888 Atlas Mara shares in consideration for the transfer of their shares in ABC Holdings at the time of the completion of the BancABC acquisition. In connection with their separation, Atlas Mara has agreed to purchase these shares at a price of $10 per share.
“The repurchased shares will be held in treasury. In addition, the departing management team has been granted options over a total of 1 521 838 ordinary shares.
The options have a strike price of $12 per share and are also subject to certain repurchase obligations,” the statement added.