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PRESIDENT Emmerson Mnangagwa has kicked upstairs Reserve Bank of Zimbabwe Governor John Mangudya Mangudya to head the controversial Mutapa Investment Fund while former FBC Holdings Limited Group chief executive officer John Mushayavanhu was appointed to succeed Mangudya.
In a statement released yesterday, President Emmerson Mnangagwa announced the appointment of Mangudya, the current Reserve Bank of Zimbabwe (RBZ) governor, as the Chief Executive Officer (CEO) of the Mutapa Investment Fund.
Dr Mangudya’s 10-year tenure as RBZ governor ends on 30 April 2024 in terms of section 15 (3) of the Reserve Bank of Zimbabwe Act [Chapter 22:15], which limits the governor’s term to 10 years.
He is an economist by training and former chief executive at CBZ Holdings, previously worked as an economist at the Central Bank for 10 years until 1996 before joining the African Export-Import Bank (Afrexim) as its manager for southern Africa.
“Dr. Mangudya’s 10-year term of office at the helm of the Reserve Bank of Zimbabwe ends on 30 April 2024 in terms of Section 15 (3) of the Reserve Bank of Zimbabwe Act [Chapter 22:15]. Dr. Mangudya shall be succeeded by Dr John Mushayavanhu as Governor of the Reserve Bank of Zimbabwe,” read the statement.
His redeployment to the newly revived Mutapa Investment Fund will pave the way for Mushayavanhu, the former FBC Holdings Limited Group chief executive officer, to assume the position of RBZ governor.
Mushayavanhu is a career banker with over 30 years of experience at the Central Bank, having previously worked at Standard Chartered Bank. He holds several educational qualifications, including a Master’s Degree and a PhD in Business Administration, according to the statement.
The appointments of Mangudya and Mushayavanhu were made by the “dictates of good corporate governance and succession planning” to guide the market.
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