- Chiyangwa has removed Edmand from Executive Role
- This follows a braw the two had earlier this year
- He has replaced him with another son
Harare- ZECO, an ailing company listed on the Zimbabwe Stock Exchange and known for its consistent financial losses for over a decade, has underwent a directorate leadership overhaul according to the latest circular released by the company. As part of this restructuring, one of the changes has involved the replacement of Edmund Chiyangwa, who is the son of Philip Chiyangwa, the owner of the Company who holds the majority of shares in ZECO.
Prior to the leadership overhaul, Edmund had been serving as an executive member of the company without a clearly defined role.
In April of this year, there was a leaked clip that revealed a heated argument between businessman Phillip a and his son Edmund. In the clip, Phillip accused Edmund of secretly taking ownership of his property without his knowledge. It is alleged that Edmund fraudulently altered the title deeds of the property, in an attempt to obtain a mortgage.
The confrontation between the two was captured on audio and subsequently leaked to various online medium platforms showcasing Phillip Chiyangwa's intense anger and frustration regarding the mortgage-related issue involving his son Edmund.
Back in 2019, Edmund and Brian, the sons of Chiyangwa, found themselves entangled in a legal dispute. They were sued for a sum of US$800,000 by Getbucks Microfinance Bank Limited due to their failure to repay a debt. Despite this ongoing lawsuit, Edmund remained in his position on the board of ZECO.
In the latest circular released by ZECO, it appears that Edmund is being replaced by his brother, Bruce Chiyangwa.
However, the leaked clip revealed Chiyangwa expressing his negative opinion about Edmund, stating that he considered him to be worse than Bruce. Chiyangwa's statement implies that he has also doubts about Bruce’s capabilities and business ethics.
Therefore, based on these remarks of comparing two evils, the latest appointment of Bruce may not lead to any substantial improvements or positive outcomes for the business.
However, it is key to note that the leaked clip and Chiyangwa's remarks highlight a concern regarding the practice of inheriting business management positions based solely on family ties, rather than qualifications or merit.
Chiyangwa's statement suggests the need to reconsider this attitude and move away from automatically assigning roles to less qualified individuals solely because of their familial relationship. Instead, it may be beneficial to prioritize qualifications, skills, and merit when making decisions about business management to ensure the best possible outcomes for the company.
When family members are involved in a business, there can be challenges in holding them accountable for their actions, especially when they go against the ethics of the company.
The emotional and personal dynamics involved can make it difficult to terminate their employment or take legal action against them if needed.
This can potentially impact the performance of the company, as it may hinder effective decision-making and impede overall progress.
It is crucial for businesses to prioritize professionalism, merit, and ethical conduct in their management and decision-making processes to ensure long-term success.
Equity Axis News