ONE of Kingdom Financial Holdings Ltd (KFHL)’s founding directors and the group’s chief executive officer, Lysias Sibanda, has stepped down from the financial services organisation on med
Sibanda helped found Kingdom in 1994 together with Nigel Chanakira, Franky Kufa and Solomon Mugavazi with an initial capital of $150 000.
KFHL was then trading as Kingdom Securities Ltd.
Chanakira is now KFHL deputy chairman and Kufa is acting chief executive officer, taking over from Sibanda. Mugavazi left KFHL to pursue interests in the financial services and commercial farming sectors.
KFHL was listed on the Zimbabwe Stock Exchange in 1999 through a reverse listing of the Discount Company of Zimbabwe Ltd (DCZ). The financial services group, with a market capitalisation of $17 billion, is currently among the top three institutions in the country in terms of asset base and turnover. It has spread its wings to Botswana, Zambia and South Africa.
Although Sibanda has left KFHL he will retain his position on the board.
“I have taken up early retirement but I am still on the group’s board,” Sibanda told businessdigest in an interview. “I want to relax a bit. This is also on the advice of my doctor. I have not been well for some time now. This decision has been agreed upon with the board.”
Sibanda’s resignation comes in the wake of new Reserve Bank of Zimbabwe regulations which say if an individual is a major shareholder in a company they cannot be involved in its day-to-day running
Sibanda said there was a high level of stress in the banking sector and he would soon explore other options.
“The banking industry is a high-level stress field,” he said.
“I have been with the group since its inception but now I have to rest. However, once I am well I will do something else as you might know my expertise could be needed elsewhere.”
KFHL becomes the second listed firm to have its chief executive officer step down within six months after the changes of reins at Old Mutual Ltd which saw the resignation of Graham Hollick.