Zimbabwe Stock Exchange listed entity Hippo Valley Estates, which was last year embroiled in corporate governance issues, has appointed corporate governance expert Canaan Dube and three others on its board of directors.
Dube is said to be highly experienced in corporate leadership mandates and investment analysis at both national and international level.
“He has extensive knowledge and experience in Corporate Governance, Mergers and Acquisitions and Trade and Investment Law and will bring the much needed legal and public relations support to the Board,” reads the notice of his appointment.
The new board members come during a period of considerable difficulty for the company and its parent company South Africa’s Tongaat Hulett.
The difficult period came after a six-month forensic probe into the Group’s finances carried out by PwC. The report found that profits and assets had been overstated in earnings reports.
As a result, several directors and executive at both Hippo Valley and Tongaat Hulett left or were forced out of the company.
Towards end of November last year, Tongaat Hulett intended to institute civil claims against some of its former top executives, including former Hippo Valley financial director John Chibwe.
CEO Sydeney Mutsambiwa also left Hippo Valley and was replaced by Aiden Mhere. Parent company Tongaat Hulett also got a new chief executive officer Gavin Hudson.
Hudson who is described as an accomplished business executive with considerable experience in diverse and challenging markets within the alcoholic beverages industry, is now also part of the Hippo Valley board.
The other two are Godwin Sweto and James Moyo.
Hudson has been appointed to the board as part of measures to ensure strategic alignment within all Tongaat Hulett subsidiaries across Southern Africa, according to a notice of the appointment.
Godwin is described as a versatile business executive with a strong corporate strategy, engineering, finance and analytical background.
On the other hand, Moyo is said to have extensive business and financial experience gained from working with some multinationals locally and in several other countries.