Reuters logo
BRIEF-BancABC top management steps down after Atlas Mara buyout
December 8, 2014 / 9:18 AM / 3 years ago

BRIEF-BancABC top management steps down after Atlas Mara buyout

Dec 8 (Reuters) - Atlas Mara Co-nvest Ltd

* Doug T. Munatsi, group CEO, Beki Moyo, group CFO, and Francis M. Dzanya, group COO, will be stepping down from their roles at BancABC at end of year

* Determined that now is right time for Munatsi, Moyo and Dzanya to stand down

* Howard Buttery has stepped down as chairman of board of directors of BancABC and will be leaving board at year- end

* John Vitalo, ceo of Atlas Mara, has been appointed as interim chairman

* Atlas Mara, in consultation with board of directors of bancabc, has identified Simbarashe Ronald Pfende, as CEO

* Makhosi Boyede and Amelia Reynecke have been appointed as co-COOs, Christine Bronkhorst has been appointed as CFO

* Munatsi, Moyo and Dzanya received a total of 1,743,888 Atlas Mara shares at time of completion of BancABC acquisition

* Atlas Mara has agreed to purchase Munatsi, Moro and Dzanya’s shares at a price of $10 per share

* BancABC expects to incur a one-time net charge to income of approximately $5.8 million in 4th qtr of 2014 Source text for Eikon: Further company coverage:

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below