My Two Cents Happiness Zengeni
After having taken a trip to tour the new sharing economy start ups in the United States, discoveries were made about how American corporate culture has evolved from the serious approach to work, all buttoned up in designer suits to a more relaxed approach where you can even find a ‘relaxing’ room (where you can take an afternoon nap).
We so need these rooms in Zimbabwe especially in light of the hot weather we are currently in . . . but that’s a different story altogether.
Upon return there had been a few personnel changes to corporate Zim. In this country, a CEO rarely leaves to pursue private interests. Private interests are pursued even during the tenure of the job . . . so what’s new?
Jeremy Brooke left NatFoods, Justin Mutasa left Zimpapers and this week, Innscor moved its CEO to a less prolific role while Harpal Randhawa waved goodbye to Ashton Ndlovu. Add John Jere, Albert Ushe, Hashmon Matemera to the mix coupled with the sustained rumours at NMB, Art and African Sun then you have a feeling that shareholders now want their investments to be rewarding. Others who have left include David Murangari (Bindura) Jonathan Shoniwa (Lafarge), Zak Limbadi (PPC) and Middleton Chikoore (Pelhams)
Generally though and this is no way related to the names just mentioned, Zimbabwean chief executives are always the last to adapt to the changing environment or if they do realise that changes have occurred then they probably do nothing about it. They do not have a working culture, choosing to focus more on their private tuckshops.
A particular chief executive of a state institution once said to this writer; “if you want action out of a CEO in Zimbabwe today, just take away his Mercedes ML350, or GL350 for a month . . . he will do anything”.Well, incompetence should never be rewarded. We long for the day when chief executives quit because they have failed. Not because they are pushed out but in acknowledgement that the task on hand is insurmountable or simply beyond their capabilities. Where is honour amongst business our leaders?
How many more assets should companies continue to offload? Right now, a particular company’s land in the south west was disposed of at half value because of a weak major shareholder and poor management. Not to mention the various fire sales of buildings at this former stock market giant. Yet he still comes to work because of a particular comradeship that exists with his shareholders.
Rob Enderle once wrote an amazing article on why CEOs fail and he put failure to prioritise on top of the list. Making the business work and not drawing a salary from it should be at the forefront.
He also mentions an excessive complexity as in the case of Innscor as a factor that may get CEOs not to perform. This writer however just thinks most of the reasons why CEOs fail can be attributed to the failure to step up to the job. Not being able to learn about the aspects of the company. In the end, they almost always get their exit.
Jono Waters, this writer’s mentor rightly said: “Make no mistake, fresh blood is a good thing and the reason we have so much malaise in the boardrooms of our listed companies today can be laid at the doors of Old Mutual and NSSA.
There are too many executives that have been camping in our boardrooms longer than they should have and these two could have done something about it – a long time ago.
The only time Old Mutual has voted one way or the other in recent years was on the TA Holdings deal, and the reason escapes any sane person in this market as to why this was the case. Actually, it doesn’t. He’s now in Lagos and the reason he took the decision to vote against it is probably some old score to be settled and knows no one in Old Mutual will do anything about it.
- For feedback and comment email happyzengeni@gmail.com, happiness.zengeni@zimpapers.co.zw