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NTS in hunt for new boss

Roadwin Chirara

LISTED tyre concern, National Tyre Services (NTS), is still hunting for a new managing director following the departure of Donal McDevitt.

Helvetica, sans-serif”>The former MD is said to have resigned under unclear circumstances to join the Shingi Mutasa-led TA Holdings as the company’s executive director of operations. He was managing director of NTS for five years.

McDevitt also relinquished his dual post at the beginning of the year as the managing director of tyre manufacturer, Dunlop Zimbabwe.

The company has enlisted the services of a human resources agency to lead the head hunt. McDevitt could not be reached for comment.

In its annual results to December 2004, NTS achieved a growth in volumes of 16% while its hard currency earnings increased by 25%. The company’s operating profit declined by 47% due to low cost pressures on wages, utilities and services.

Tyre sales volumes grew by 13% during the year under review.

“The Regal and Dunlop imported brands performed well, although restricted through insufficient currency availability,” NTS said.

The company’s tube sales also recorded an increase in volumes of 23%.

“Complementing the growth in the tyre market was a resurgent tube market which showed 23% growth in 2004,” NTS said.

Increased operational costs saw the closing down of some of its branches. “The financing purchase of new sites and subsequent branding will come from the sale of surplus assets arising from branch reorganisation,” the company said.

As of Tuesday NTS shares were trading at $370 on the Zimbabwe Stock Exchange.

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