eBusiness Weekly
Business Writer
Victoria Falls Stock Exchange (VFEX) listed hospitality group, African Sun, has appointed Lawrence Ward, as the group’s acting chief executive officer (CEO) with effect from January 20, 2024.
His appointment follows the resignation of Peter Saungweme who stepped down from the helm of the hospitality group with effect from January 19, 2024.
The group announced the board changes in a notice to stakeholders.
“In line with the requirements of the Securities and Exchange (Victoria Falls Stock Exchange Listings Requirements) Rules, 2020 shareholders are hereby advised of the following changes in African Sun Limited. The Board of Directors at African Sun Limited (“African Sun or the Company”) advises stakeholders of significant leadership changes within the company,” reads part of the notice.
“As of 19 January 2024, Mr Peter Saungweme, our current Chief Executive Officer, will be stepping down from his position. The Board expresses its gratitude and appreciation to Mr Saungweme for his steadfast leadership of the company over the past two years.
“The Board, Management and Staff congratulate Peter on his achievements and wish him well as he enters a new chapter in his life,” added the group.
During his term, Saungweme saw the migration of the hospitality group from the main bourse, the Zimbabwe Stock Exchange (ZSE) to the US dollar denominated VFEX, as the group considered unlocking shareholder value as well as attracting quality investors.
The newly appointed acting CEO has close to two decades of experience in the international hospitality industry and is well-prepared to provide strategic guidance in this role.
“The board has full confidence in Mr Ward’s ability to lead the company through this period of change. His extensive expertise and established track record in the hospitality industry align seamlessly with our dedication to delivering excellence and value to all our stakeholders.
“The board and management congratulate Laurie on his appointment and wish him all the best in his new role. The board appreciates the ongoing support of the company’s shareholders and reaffirms its commitment to open, transparent communication as we embark on this exciting new chapter for African Sun,” said the group.
The newly appointed Ward takes over at a time the hospitality industry is still in recovery mode following the adverse impacts of the Covid 19 pandemic.
At African Sun, his work is cut out as the group is currently looking at enhancing customer experience, through among other efforts refurbishment of its facilities.
