Prominent lawyer Chinake replaces Morgan as Innscor chairman

HARARE, – FMCG conglomerate Innscor Africa has appointed a prominent lawyer Addington Chinake as its chairman, completing a reshuffle of its leadership team after waning fortunes last year.

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Chinake, who replaces David Morgan who retired at the end of last year after 16 years, is currently the chairman of Astra Industries Limited.

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“Mr Chinake has been involved in a number of significant FDI transactions and a number of other multi-million dollar acquisitions and disposals by foreign companies of equity in Zimbabwe Stock Exchange listed entities and major Greenfield mining projects,” said Innscor in a statement to the ZSE.

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The group also appointed Godfrey Gwainda as its group finance director. Previously, he held the position of finance director at its subsidiary, Irvine’s Zimbabwe.

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He replaces Julian Schonken, who was moved to head the Innscor Light Manufacturing Sector.

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The group’s management reshuffle also saw the coming in of Antonio Fourie, a South African, as the chief executive in November last year.

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The new management is expected to drive group’s revenue, which was down for the first quarter to last September.

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In the full year to June last year, Innscor reported a 54 percent surge in revenue to become the first Zimbabwean business to record billion turnover, but the conglomerate’s board was left unimpressed after disappointing trading performances in some key units.

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In a recent interview with The Source, Fourie said the group was targeting a 30 percent return on equity (ROE) and 60 percent of free cash generation earnings before interest, taxes, depreciation, and amortization (EBITDA).

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The group is also banking on the ongoing restructuring exercise and an aggressive branch network expansion to increase the earnings.-The Source