HomeBusinessInnscor appoints new chairman

Innscor appoints new chairman

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INNSCOR Africa Limited has appointed Addington Chinake as chairman of the board and Godfrey Gwainda as the group’s finance director with effect from January 1.

BATANAI MUTASA
OWN CORRESPONDENT

Chinake replaced David Morgan, who has retired while Gwainda takes over from Julian Schonken, who was elevated to the recently created post of executive director in charge of the groups’ light manufacturing sector.

The two appointments come on the heels of South African executive Antonio Fourie’s appointment as group chief executive officer (CEO).

Innscor operates franchised fast foods outlets, including Chicken Inn, Creamy Inn, Bakers Inn, Pizza Inn and Nando’s. It also has a shareholding in National Foods, Irvine’s Zimbabwe and SPAR retail outlets.

In a press statement yesterday, Innscor said the exemplary manner in which Morgan, a respected legal practitioner, had chaired the board influenced the company to search for another experienced lawyer to replace him.

“After conducting a series of interviews, the nominations committee recommended to the Innscor board that Chinake, the senior partner of Kantor and Immerman Legal Practitioners, was the most suitable person to appoint,” the statement read.

It said Morgan’s intention to stand down from the Innscor board was communicated to shareholders in a notice convening an annual general meeting and noted at its conclusion.

The company said Chinake has 21 years’ experience in the legal profession in Zimbabwe specialising in corporate, commercial, mining and competition law, including all aspects of tax law, litigation, mergers, acquisitions, leveraged buyouts and raising capital.

“Chinake has been involved in a number of significant FDI (foreign direct investment) transactions and a number of other multi-million dollar acquisitions and disposals by foreign companies of equity in Zimbabwe Stock Exchange (ZSE)-listed entities and major Greenfield mining projects,” the statement said.

Chinake is currently the chairman of Astra Industries Limited, but has also acted for a number of public companies, including Art Corporation, Pheonix Consolidated Industries and Murray and Roberts Limited.

Gwainda is a chartered accountant with 17 years of accounting and financial experience. He joined Innscor in 2002 as group regional financial controller in charge of group operations.

He served as finance director for Innscor International, group finance director for the fast foods division and group finance executive in the Innscor group CEO’s office.

“During this period Gwainda was responsible for the successful acquisition by Innscor of a 49% shareholding in Irvine’s Zimbabwe (Pvt) Ltd and for the successful listing of Padenga Holdings on ZSE,” Innscor added.

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