Zimbabwe News and Internet Radio

Retired Dairibord CEO Mandiwanza ‘picks second wife for the post’

"Such decisions are usually taken by a board that is tainted. Dairibord is not a family business. It is a listed institution which should adhere to corporate governance and this kind of action does not reflect respect of the rules." Engineer Jacob Kudzayi Mutisi

Retired Dairibord Holdings Limited group boss Anthony Mandiwanza will be replaced by his alleged second wife Mercy Ndoro as the group chief executive of the listed company, a prominent shareholder has complained.

Mandiwanza is retiring from the company with effect from September 30, 2022 after serving the milk processor for 43 years.

But in what seemingly is evidence of nepotism and breach of corporate governance principles, Mandiwanza is accused of orchestrating the appointment of his alleged second wife.

Dairibord Zimbabwe Limited (DZL) chief executive Anthony Mandiwanza
Dairibord Zimbabwe Limited (DZL) chief executive Anthony Mandiwanza (Picture by Financial Gazette)

In a statement, Dairibord shareholder and former Institute of Directors board member Engineer Jacob Kudzayi Mutisi, highlighted the irregularities associated with the appointment of Ndoro.

“We are the only country where shareholders are taken for fools. How in the world can a board allow the appointment of the former CEO’s second wife?

“Anthony Mandiwanza has appointed his second wife Mercy Ndoro as the CEO for Dairibord Zimbabwe which is an act of nepotism and a misconduct according to corporate rules,” he claimed.

“As a former board member and chairman of Institute of Directors (IODZ), the home of corporate governance, Anthony should know better that these kinds of appointments are illegal.

“As a shareholder I am requesting a response from the board on why it is allowing such an illegal decision to be made.

“Such decisions are usually taken by a board that is tainted. Dairibord is not a family business. It is a listed institution which should adhere to corporate governance and this kind of action does not reflect respect of the rules.”

Engineer Jacob Kudzayi Mutisi (Picture by Innovation Village.co.zw)
Engineer Jacob Kudzayi Mutisi (Picture by Innovation Village.co.zw)

Mutisi further urged the company to investigate the matter.

“I am hereby requesting that the Zimbabwe Stock Exchange investigate this and charge the board of Dairibord with misconduct. Board members should respect corporate governance and adhere to the rules,” wrote Mutisi.

In an interview with the Express Mail Zim, Mutisi confirmed authoring the statement.

“Yes, I can confirm that I did write that and I do not regret it. I am a law abiding citizen and need answers from Anthony,” he said.

“Where do we go as a nation if we have such violations of corporate governance rules?

“He arm twists the board by providing unlimited fuel to board members, he captures them.

“If he so wishes he can challenge me if he disputes raising children with Ndoro,” said Mutisi who challenged Ndoro and Mandiwanza to prove his claim otherwise.”

When Mandiwanza was contacted for comment by the publication, he could neither confirm nor deny his alleged second wife’s appointment.

“Young man, I can not respond to issues that did not come through the board and I do not know any Engineer Mutisi that you refer to,” Mandiwanza is reported to have said.

Comments