The company has also appointed Mr Brendan Beaumont as the chief executive while three more directors have been appointed on the MAL board.
Mr Masunda yesterday confirmed this saying: "I will be leaving the Meikles board at the end of December and (Farai) Rwodzi will take over from me." All the appointments will take effect from January 1, 2010.
Mr Rwodzi is a leading entrepreneur with interests in various sectors including financial services, hospitality, manufacturing, industrial, property development and mining.
He served his articles with Ernst & Young Chartered Accountants (Zimba-bwe) between 1991 and 1995 and qualified as a Chartered Accountant (Zimba-bwe) in 1996.
Upon leaving Ernst & Young, he briefly worked for Delta Corporation Limited and then moved to Real Africa Durolink (Private) Limited where he was the executive director responsible for corporate finance.
He left Real Africa Durolink (Private) Limited in October 1999 to set up Inter-fin Merchant Bank of Zimbabwe Limited.