HomeBusiness DigestTedco boss Ndoro quits

Tedco boss Ndoro quits

Staff Writer

TEDCO Ltd chief executive officer Michael Ndoro has tendered his resignation from the diversified company.

Ndoro has a

lso stepped down from the company’s board.

Tedco has appointed an executive committee to run the firm.

The committee comprises Thenjiwe Sibanda, Timothy Nyika and Percy Kadziyanike.

The Tedco group owns Blooms Furnishers, Cash Wholesalers, House of Kumali, Radio Limited, Creative World and Zimbabwe Furnishers.

Last week Tedco told shareholders that it intended to offload its manufacturing division’s operating assets to its former executive chairman Simba Mangwende.

Under the deal Investco was to acquire Tedco Industries’ operating assets, that would be owned 50,1% by Steinhoff and 49,9% by Simba Holdings.

Mangwende owns Simba Holdings.

Ndoro this week said he was not keen on divulging the reasons why he had left the firm.

He said in the interim he would not be gainfully employed.

“Right now I will be at home and I want to relax a bit, although I have received a couple of offers here and there,” he said. “I think whatever we wanted to do was the right thing for shareholders. The company was worth $8 billion and somebody was prepared to pay $9 billion. From that perspective I think it was a good deal.”

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