- John Mkushi will resign as Managing Director, effective August 1, 2024
- Ian Bagshaw appointed as the new Managing Director, effective August 1, 2024
- Mkushi to remain with the company in a consultancy role to assist with the transition to Bagshaw's leadership
Harare - Turnall Holdings Limited has announced the resignation of John Mkushi from his position as Managing Director, effective August 1, 2024.
Mkushi had previously served as the Managing Director and then Chairman of the Company 20 years ago. He rejoined Turnall in 2022 to lead the Company through a period of recovery and renewal.
Ian Bagshaw is the incoming Managing Director, also effective August 1, 2024. However, Mkushi has agreed to remain with Turnall on a consultancy basis to assist Bagshaw during the handover period.
"We are grateful for Mr. Mkushi's leadership and contributions over the past two years as we worked to revitalize the business," said the company. "We wish him all the best in his future endeavors and are delighted that he has agreed to stay on in an advisory capacity to ensure a smooth transition to Bagshaw's leadership."
Bagshaw joins the company after it overturned a 2022 loss of ZWL18 billion to post a profit of ZWL128 million in 2023. In the first half of 2024, the company showed continued resilience, with sales volumes increasing by 21% compared to the same period last year, largely driven by improved sales of concrete tiles.
Building product shortages that had previously affected the Group have been resolved, and the Group was well stocked on all fast-moving lines throughout the quarter.
Revenue for the first quarter of 2024 increased by 13% compared to the same quarter last year, mainly due to the improved product availability and relatively high demand experienced on the concrete products.
The Group is also in the process of setting up a new sheeting plant in Harare, with the civil works having commenced. The new plant is expected to be commissioned in the first quarter of 2025.
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