Harare, (New Ziana) – Sugar producer, Hippo Valley Estates Limited (Hippo) has appointed Aiden Mhere as substantive chief executive effective December, 2019 replacing the long serving Sydney Mtsambiwa who stepped down under unclear circumstances mid-last year.
Mhere, who joined the company in 1999 as a commercial executive responsible for marketing and strategy, and held other posts in between, had been acting CEO since November 2018.
“The Board is confident that he possesses the requisite capabilities to handle this challenge and will make a meaningful contribution to the business going forward,” the Hippo board said following the appointment.
Mhere is a qualified chartered secretary and registered public accountant and holds a Master of Business Administration degree from the University of Zimbabwe.
He is expected to chart a new course for the firm which was suspended from trading its shares on the Zimbabwe Stock Exchange in August last year following its failure to abide by listing rules.
Mtsambiwa, who worked for Hippo for 29 years and was at the time acting chief executive of Hippo’s parent firm, Tongaat Hullet, according to the company, resigned mid-last year after deciding to go on early retirement.
But reports indicate he was pushed out following unearthing of alleged financial irregularities after the company conducted a review and forensic investigation into its finances.