Long time African Sun chief executive Dr Shingi Munyeza yesterday stepped down from his position at the hospitality group after a 13-year stint. The announcement of the mutual disengagement from the group was made at the company’s AGM yesterday. The group also announced that businessman Mr Herbert Nkala will assume the chairmanship after Mr Bekitemba Nkomo stepped down from that position.
Mr Nkala is a former chairman of competitor Rainbow Tourism Group.
Company secretary Mr Eddie Shangwa will be acting CEO.
Having joined the then Zimbabwe Sun Limited in 2002, Dr Munyeza together with businessman Mr Farai Rwodzi led a consortium of indigenous business people in acquiring 35 percent of the company. He spearheaded a regional expansion programme and re-branded Zimsun Leisure to African Sun.
Speaking on his decision, Dr Munyeza said he was pleased to have left the group in a good position following the advent of new shareholders Brainworks.
“During my term at African Sun we faced challenges and also enjoyed many successes and I am happy to say that I leave the group in a good position where with the advent of new shareholders, the short-term debt has been rationalised and heavy interest rates are no longer a burden to the operations of the group.