Home » Governance » NMBZ Rebuts Media Reports On De La Fargue

NMBZ Holdings says Mr James de la Fargue, a partner at African Century Limited, is not in the running to replace Mr James Mushore as the bank’s substantive chief executive officer. Mr de la Fargue was reported last week in the media to be one of the potential few to take the job. However, NMBZ chairman Mr Tendayi Mundawarara said Mr de la Fargue is not being considered for the top post.

The bank will have a new chief hopefully early next year according to Mr Mundawarara.

“There are a number of candidates that are being considered but Mr James de la Fargue is definitely not one of them,” said Mr Mundawarara.

He is neither interested nor is he available for the position,” Mr Mundawarara said.

Mr Mushore resigned from the helm of the bank in October on medical grounds.

The process is being undertaken by a sub-committee of the Board Human Resources Committee which has set out a criteria for the process but Mr Mundawarara would not disclose the qualities of the team leader they are expecting.

“I wouldn’t be comfortable spelling out the criteria as I’m not directly involved in the recruitment process but I’m being kept appraised of progress being made,” he said.

Mr Benefit Washaya has been acting chief executive officer since Mr Mushore’s resignation in October.

The bank’s chairman says the board is confident in the current management structure.

“The bank is fully functional in the good hands of the acting chief executive officer. We have full confidence in Mr Washaya and the management structure,” said Mr Mundawarara.

In the half year to June, the bank said the performance of the group to August 31 was below expectations with attributable profit being below budget. The performance was affected by tightening interest margins and the poor performance of the economy.

The group targets to lower non-performing loans to below 15 percent from the current 20,1 percent recorded as at June 30.

In the first six months to June the group recorded an attributable profit of $1,4 million, a significant improvement on the attributable loss of $3,3 million for the year ended December 2013.

Source : The Herald