Barely a week after Getcash CEO Medicine Mavhondo stepped down, the wave has struck again and this time it happens to be Brainworks CEO George Manyere has also officially stepped down.
Although a lot seems to be transpiring behind the scenes, the parties involved have not shared adequate information.
BrainWorks is the parent company of which recently took over Nettcash, for a cool $1,4million before they rebranded it into GetCash, their mobile money company. In a move which is highly suspected to be a complete buy out deal, BrainWorks is making serious management shakeups as hey prepare fora new shareholder ascertained some sources.
Here is Another version from The Herald
Brainworks founder George Manyere is set to step down as chief executive officer as the investment holding company is set to list on an international stock exchange.Brainworks is one of Zimbabwe’s foremost investment companies with a presence in financial services, hospitality, real estate, logistics and advisory. It was founded ten years ago and has grown to total shareholders’ equity up to more than $65 million.
Mr Manyere is stepping down after successfully overseeing what the company says “was the critical first phase of development” which was characterised by driving growth through acquisitions, start-ups, attracting strong international operating partners in its investments and spearheading business turnaround.
According to the company, the second phase of Brainworks’ development will focus on driving growth through completing the institutionalisation process having already streamlined management structures, formalised corporate governance frameworks and established a strong board.
To drive this second phase, the company has appointed Brett Childs, to succeed Mr Manyere
A Chartered Accountant originally from Zimbabwe, Mr Childs is a business veteran with 25 years of experience in capital raising, IPOs, managing investments and corporate exits. Mr Childs spent 15 years in London, where he helped to build a successful venture business, listed assets on the London Stock Exchange (LSE) and Helsinki Stock Exchange (HEX).
Mr Childs has been based in Mauritius for the last 16 years and has managed and been a director of a number of listed investment businesses, largely with a pan-African focus.
Mr Childs is approved to be a director by several regulatory authorities including the Bank of Mauritius, Financial Services Commission (British Virgin Islands), Malta Financial
Services Authority, Financial Services Board (South Africa), Solicitors Regulatory Authority (UK) and Financial Services Commission (Mauritius).
A key component of this phase will involve completing the Initial Public Offering (IPO) of the company on an (unnamed) international stock exchange during the second quarter of the current year to provide investors with an opportunity to invest, and participate in, the future growth of Brainworks.
In a statement, the group said management would continue to focus on the identified investment themes, approved by the board, in order to ensure it maximises return on capital. The company will work with partners and investee boards of directors to consolidate and refine the existing investment portfolio. THE HERALD