Munatsi, Dzanya,Kudenga Quit BancABC In Major Shake-Up
Since the completion of the transaction, the executive management of Atlas Mara and BancABC have been collaborating on identifying opportunities for enhancing BancABC’s operations and executing its strategy. As the group embarks on the next phase of its development, it was determined, together with the Board of Directors of BancABC, that now is the right time for Munatsi,Moyo and Dzanya to stand down.
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.Munatsi,Moyo and Dzanya are working closely with Atlas Mara and the new management team to ensure a carefully managed transition.
Additionally, Howard Buttery has stepped down from his role as Chairman of the Board of Directors of BancABC and will be leaving the Board at year-end, as will fellow director, Ngoni Kudenga. John Vitalo, CEO of Atlas Mara, has been appointed as Interim Chairman, subject to regulatory approval, and Bradford Gibbs, a member of the Atlas Mara Executive Committee, has also joined the Board of BancABC.
Doug Munatsi, Group CEO of BancABC, said: “Beki, Francis and I have decided that, following the completion of Atlas Mara’s acquisition and the recent closing of Atlas Mara’s mandatory offer, it is an opportune time to leave the group. We are particularly confident in BancABC’s future knowing that the majority shareholder has the access to capital, expertise and experience to continue to grow the institution. I am tremendously proud of what we have accomplished during the past two decades and would like to thank BancABC’s employees, customers and our Board, particularly two of our long-standing directors, Howard Buttery and Ngoni Kudenga, for their support during the past several years.”
John Vitalo, CEO of Atlas Mara, said: “I want to thank Doug, Beki and Francis for their significant contributions in establishing and growing BancABC and assisting Atlas Mara since the acquisition. Were it not for their dedication and hard work, BancABC would not be in the position it is today. I look forward to continuing to work with them as we effect a smooth management transition. I also wish them all the best for the future. Furthermore, I am delighted that Ronald, Makhosi, Amelia and Christine are joining BancABC. They represent an exceptional leadership team with deep experience in African banking. The Board of Atlas Mara is confident that they will continue the hard work already started at BancABC.”
Munatsi, Mr. Moyo and Mr. 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. These options were previously agreed with the management team at the time of the initial acquisition of BancABC. In connection with the management team’s departure, BancABC expects to incur a one-time net charge to income of approximately $5.8 million in the fourth quarter of 2014.