SECZim appoints acting CEO
THE Securities and Exchange Commission of Zimbabwe (SECZim) has appointed Gerald Dzangare (pictured below) acting chief executive officer following the departure of Tafadzwa Chinamo (pictured far right) at the end of January.
Dzangare was previously head of finance with SECZim, having joined the capital markets regulator since inception a decade ago.
In a statement, SECZim said Dzangare made a significant contribution to what the organisation is today.
“The SECZim board is pleased to inform capital markets and all stakeholders that with effect from February 1, 2022, Gerald Dzangare the head of finance, has been appointed acting CEO until a substantive CEO is appointed,” SECZim said.
Chinamo was at the helm of the capital markets regulator for a decade after joining the institution in 2011 spearheading the adoption of modern infrastructure and automation of financial markets trading platforms. During Chinamo’s tenure, a number of market changes were instituted, which include the introduction of REITS [Real Estate Investment Trusts], ETFs [Exchange Traded Funds] the Alternative Trading Platform and the first online share trading platform, C-Trade.
The first commodities exchange, the Zimbabwe Mercantile Exchange, was also created under his stewardship.
During his term, the Victoria Falls Stock Exchange was established as a new market player.
“The Securities and Exchange Commission board wishes to inform all securities market intermediaries and stakeholders about the retirement of Tafadzwa Chinamo as chief executive officer whose term of office ended on January 31, 2022. We are grateful for his decade-long contribution to the capital markets regulator, where modernisation, and automation were prioritised as well as market-wide adoption of modern infrastructure, which led to growing participation by retail investors using internet connected devices and mobile phones. Various capital market products were introduced over those years,” SECZim said in a circular.
Chinamo chaired the Committee of Insurance, Securities and Non-Banking Financial Authorities, a Southern African Development Community committee for insurance securities and non-banking authorities in the region for six years. He also oversaw International Organisation of Securities Commissions Associate membership for SECZim.
His departure is in line with the new Public Entities Corporate Governance Act (Part 1V), which states that CEOs of public entities should serve for a minimum five-year term, renewable once only, to make it 10 years.
In an interview with our sister paper Zimbabwe Independent last year, Chinamo suggested wide-ranging amendments to the SEC Act to give the regulator more powers to police the markets, adding that there were serious weaknesses in legislation governing capital markets
He said SECZim was enforcing regulations through capital markets like the Zimbabwe Stock Exchange, because legislation barred it from directly policing listed companies.