HARARE – OK Zimbabwe Limited has reconstituted its board as part of a wider turnaround effort, announcing the retirement of long-serving chairman Herbert Nkala and the appointment of five new non-executive directors including Kudakwashe Tagwirei’s personal assistant Everton Mlalazi, amid ongoing liquidity and operational pressures.
In a notice to shareholders, the Zimbabwe Stock Exchange-listed retailer said Nkala retired with effect from 11 December 2025 after 13 years on the board, seven of which he served as chairman. The board, management and staff thanked him for his service.
With effect from 12 December 2025, the company appointed Charles Nkululeko Msipa, Tracey Mutaviri, Tawanda Masose, Brian Mabiza and Mlalazi as non-executive directors.
The board said the new appointees bring experience spanning law, finance, marketing, investment management and corporate governance, and will support the execution of the group’s recovery and long-term growth strategy.
Mlalazi is widely known as Tagwirei’s personal assistant and “previously, he served as Executive Adviser to the Chief Executive Officer of Sakunda Holdings, contributing to strategic decision-making and business growth initiatives. Sakunda Holdings is owned by Tagwirei.
OK Zimbabwe did not comment on the association, but highlighted Mlalazi’s background in business development, structured finance and enterprise building.
The board changes come as OK Zimbabwe continues to grapple with financial strain.
The country’s largest listed supermarket chain is implementing a recapitalisation plan aimed at restoring stock levels and settling supplier obligations estimated at US$24 million.
Shareholders raised US$20 million through a rights offer, while a further US$10.5 million is expected from the disposal of selected properties—sales the company says have taken longer than anticipated.
OK Zimbabwe has disclosed that sale and purchase agreements on two properties are close to being signed, with offers on several others under review.
The assets earmarked for disposal include stores and stands in Harare and Gweru, forming a critical pillar of the recovery plan following a 53 percent decline in revenue to US$240 million in 2025.
Operational challenges persist, including tight supplier credit terms, power outages, foreign currency constraints and heightened competition from informal traders.
Although the group reduced overheads by 51 percent, the fall in sales outweighed the savings. Store rationalisation is ongoing, with 11 of the group’s 62 outlets already closed and further closures pending.
Poor reporting. Should have quoted ok share price .