As first reported by Nehanda Radio on 7 October 2024, Meikles Limited, a listed hospitality and retail giant, has finally confirmed the firing of Malcolm Mycroft as Chief Executive Officer (CEO) amidst allegations of racism, foreign currency looting and unfair salary practices.
According to the company secretary Thabani Mpofu, the Board of Directors appointed Matthew John Stewart Moxon, as Acting CEO until a substantive Chief Executive Officer is appointed.
Moxon is the current Managing Director of Thomas Meikle Properties (Private) Limited.
“Shareholders are hereby advised that Meikles Limited has experienced changes in its executive structure. As of 2 October 2024. Mr Malcolm Mycroft vacated the position of Chief Executive Officer of Meikles Limited.
“He remains the Managing Director of TM Supermarkets (Private) Limited, a subsidiary of Meikles Limited,” Mpofu said in a statement.
“The Board of Directors appointed Mr Matthew John Stewart Moxon, as Acting Chief Executive Officer, on 4 October 2024 until a substantive Chief Executive Officer is appointed.
“Matthew Moxon has a strong academic foundation and experience in retail and property management. He holds a Bachelor of Arts in Political Science and History from Stellenbosch University, a Bachelor of Laws from the University of Cape Town.
“He recently completed his Master of Business Administration (MBA) at the University of Cape Town’s Graduate School of Business.
“Matthew began his career at Shoprite Checkers, where he completed their rigorous Management Training Programme, advancing through project management and operations roles in their Buying and Mozambique Divisions.
“In 2017, he joined Meikles Limited, where his strategic leadership and business development skills have been instrumental in driving growth
“Currently, Matthew serves as the Managing Director of Thomas Meikle Properties (Private) Limited. He is also a Director of Tanganda Limited, where he plays a role in guiding the strategic direction.
“His dynamic leadership style, combined with his legal and business expertise, continues to foster growth and innovation.”
Sources close to the matter have revealed that Mycroft allegedly signed a contentious agreement without board approval, sparking concerns over governance.
Insiders disclosed to Nehanda Radio that Mycroft and Walter Stephens, a senior buyer, receive disproportionately high salaries compared to local staff.
Reports indicate that Stephens earns a staggering US$20,000 monthly, surpassing the salaries of his TM Pick n Pay superiors and Meikles’ head office executives.
In stark contrast, junior employees are reportedly paid a mere ZWG 5,000 (US$230), highlighting significant disparities in compensation. This has led to allegations of inflated compensation packages for Mycroft and Stephens.
Employees have since sought intervention from the National Economic Conduct Inspectorate, citing concerns over potential favoritism towards foreign executives and unauthorised foreign currency transactions.
