Zesa’s financial controller Eliab Chikwenhere is the acting CEO as the board is looking for a substantive chief executive.
According to information obtained this week, Rafemoyo who was appointed by the then minister of Transport Chris Mushohwe fell out of favour with the board after he allegedly failed to “improve operations at Zesa after the economy was formally dollarized”.
Contacted for comment on the issue Zesa spokesperson Fullard Gwasira on Wednesday said the official position was the Rafemoyo resigned and did not want to comment on speculation.
Insiders said the board wanted to fire Rafemoyo but was concerned about legal hurdles that they could face if they took that route.
Sources said the sticking point was the exit package. The CEO wanted US$2 million but he was offered US$200 000. “ Rafemoyo received an exit package of about US$200 000 and benefits as opposed to the US$2 million that was reported earlier,” an official said.
Initially Zesa is said to have offered him US$50 000, which he turned down. The parties reportedly then reached a deadlock when Rafemoyo publicly announced his resignation.
Addressing journalists Rafemoyo said “Today is an important day for me because I would like to announce the end of my long journey, which took me 29 years since I joined the power utility.
“I want to thank the shareholder, which is the Government, for giving me the opportunity to sit at the helm of such a parastatal . . .(it) was all about trust,” he was quoted saying during the press conference.
Rafemoyo said he was going to take a break for at least a month before considering his next move.
“What I now wish for you (his colleagues and successor) is success in your career. What you need to do is keep the lights burning. Things are getting better, we are not there yet but things are getting better,” he said.
Rafemoyo was at the helm of Zesa at a time the country’s economy was not stable characterized by high inflation, high cost of borrowing, shortage of spare parts, a rising Zesa debt , false Zesa bills, massive flight of human capital, alleged corruption and increasing defaulters of bills.
Rafemoyo had served the organisation for 29 years during which he held various posts until his appointment as substantive group CEO in June 2007.