Brainworks Limited (JSE:BRA), which owns hotels, property and logistics businesses in Zimbabwe has appointed Peter Saungweme as interim CEO of Brainworks Capital following the resignation of Brett Childs.
In a statement, the Mauritius-based company said Saungweme was appointed on June 5 as the company believes that the business would benefit by transitioning to a Zimbabwe-based CEO.
READ: Brainworks' Zimbabwe hotels increase occupancy against tough backdrop
It noted that Saungweme has worked for the group for four years as chief financial officer of Dawn Properties until March 2017 and then occupied the same position at Brainworks Limited.
The group said Childs resigned following the completion of the restructuring of the group’s portfolio, which he largely drove over two and a half years.
In its 2018 financial results, Brainworks reduced its debt by 55% to US$17.1mln, down from the US$38.3mln recorded in the comparative period due to capital initiatives carried out during the year and cost-cutting measures such as the disposal of the company’s financial services business.
The group reported a 35% increase in revenue to US$79.3mln, up from US$58.6mln recorded in the prior year, and earnings of US$10.4mln compared to a loss of US$8.0mln in 2017.
Brainworks said Childs will be retained for six months in a consulting capacity with a specific remit to assist with the transition and conclusion of some strategic tasks.
