Grey Freight Continental
Freight and custom clearance services locally, regionally and internationally. We offer freight services at strategic Southern African ports and borders.
OpenEdgars Stores Has Appointed Chesternoel Mutevhe As Its New Chief Financial Officer
Edgars Stores Limited Zimbabwe Group has appointed Chesternoel Mutevhe as its new Chief Financial Officer (CFO) starting from January 1st, 2024. This comes after the previous CFO, Happiness Vundla, resigned in November, ZimLive reported. Mutevhe brings valuable experience to the role, having worked for seven years at CFI Holdings and most recently serving as Group Financial Director. He also held a finance position at Karo Platinum in Zimbabwe. His appointment reflects the company’s dedication to improving its financial stability and implementing a strategic turnaround plan.
Edgars faced challenges in the past year, including declining profits attributed to a difficult market environment. Former CEO Tjeludo Ndlovu and CFO Vundla stepped down due to these challenges. Like other retail companies in Zimbabwe, Edgars struggled with currency distortions, rising inflation, and competition from the informal sector. The COVID-19 pandemic further worsened the situation, as lockdowns led to outdated merchandise sales and increased competition from pre-loved clothes sold by informal traders at lower prices.
To address these issues, the Zimbabwean government has introduced measures to level the playing field for formal retailers. Wholesalers without proper registration and tax clearance certificates are now prohibited from buying directly from manufacturers, aiming to reduce unfair competition from the informal sector and encourage its formalization.
With his financial expertise and successful track record, Mutevhe is expected to play a crucial role in steering the company towards profitability and long-term sustainability. Edgars hopes that with a new CFO in place and supportive regulatory measures, they can regain their position in the Zimbabwean retail market.
More Pindula News
Tags
