OK Zimbabwe Chairman Herbert Nkala Steps Down Amid Board Restructuring

OK Zimbabwe chairman Herbert Nkala has stepped down after 13 years as the retailer restructures its board amid mounting debt, declining revenues and turnaround efforts (image source)

HARARE — After more than a decade of service, Herbert Nkala has stepped down as chairman of OK Zimbabwe Limited, with the retailer’s board announcing that the appointment of his successor will be deferred to a later date. Nkala’s retirement, effective December 11, 2025, comes at a critical time as the company battles mounting debt, liquidity constraints and operational disruption.

OK first flagged Nkala’s impending exit in June, with the transition initially expected to align with the group’s annual general meeting (AGM). The retailer is currently carrying a debt burden exceeding US$30 million and has embarked on a broader restructuring programme aimed at stabilising operations and restoring confidence among investors and suppliers. In a statement, the company paid tribute to the outgoing chairperson:

“Mr Herbert Nkala retires after having served 13 years on the board, seven of which he served as board chairman. The board, management and staff thank him for his dedicated service and commitment to OK Zimbabwe Limited, and wish him well in his future endeavours.”

The leadership changes come against the backdrop of declining revenues and persistent operational challenges. OK has attributed its recent performance struggles to supply-chain disruptions, exchange-rate volatility, liquidity shortages, weakened consumer spending and growing competition from the informal retail sector. Analysts say the board restructuring reflects an attempt to inject new skills and perspectives at governance level as the group searches for a sustainable turnaround strategy.

As part of the shake-up, OK announced the appointment of five new non-executive directors: Charles Nkululeko Msipa, Tracey Mutaviri, Tawanda Masose, Brian Mabiza and Everton Mlalazi. Msipa, a seasoned lawyer and corporate executive, recently retired after a 20-year tenure as managing director of Schweppes Holdings Africa Limited, where he oversaw the company’s regional expansion. He is also a former president of the Confederation of Zimbabwe Industries. Mutaviri brings nearly four decades of experience spanning academia and corporate leadership, while Masose contributes expertise in investment management, mergers and acquisitions and portfolio oversight. Mabiza, a chartered accountant, has more than 25 years of senior leadership experience in regulated markets, and Mlalazi adds 15 years of business development and strategic transformation experience.

The new appointments follow several board departures at the AGM, including the resignations of Rose Mavima, Kiitumetsi Zawanda, Wonder Stan Nyabereka and Rutenhuro James Moyo. In addition, Lyndsay Webster-Rozon and Tawanda Lloyd Gumbo retired by rotation and did not seek re-election. The board said it is confident that the incoming directors’ collective experience will strengthen governance and support the execution of the group’s recovery plan.

For shareholders, suppliers and customers, Nkala’s departure and the broader board overhaul mark a defining moment for OK Zimbabwe. Whether the refreshed board can translate governance reform into operational recovery will be closely watched in the months ahead, as the retailer seeks to regain stability and competitiveness in a challenging economic environment.