First Mutual makes board changes


FIRST Mutual Holdings Limited chairman and director, Dr Oliver Mtasa, has stepped down with effect from August 7, 2020 after the expiry of his tenure of office.

In a statement, the group also announced that Mrs Daphine Tomana, who has been a non-executive member of the board since July 2018, had resigned with effect from August 1, 2020.

First Mutual Holdings said the resignation of Dr Mtasa was in line with principles of good corporate governance that require periodic rotation of directors and board rejuvenation.

“First Mutual Holdings Limited would like to announce that its chairman, Dr Oliver Mtasa, has stepped down as a director and chairman of the board with effect from 7 August 2020, having completed his term of office,” said the group.

Dr Mtasa, a holder of a Doctorate in Business Administration, served First Mutual as director since 2012 and as chairman since 2013.

He has since been replaced by by Mr Amos Manzai, who is the group’s non-executive member and has served on the boards of several entities in both the public and private sector and has been a member of First Mutual board since January 2018.

“During Dr Mtasa’s period as chairman, the group solidified its presence both locally and in the region,” said First Mutual.

Mr Manzai, a Chartered Accountant, also holds a Bachelor of Arts Degree in Economics (Dunelm, United Kingdom) and has extensive management experience.

First Mutual said under the stewardship of Dr Mtasa, it acquired NicozDiamond Insurance Limited and successfully managed the integration with TristarInsurance Company Limited.

“The board conveys its sincere thanks and appreciation to Dr Mtasa and Mrs Tomana for their dedication, hard work and invaluable contribution to the company,” said the group.

The group said it has consolidated its regional businesses in Mozambique, Botswana and Malawi.

“In Zimbabwe, the group has established an asset management company, a microfinance institution and a funeral services company and has taken its existing businesses to new heights,” it said.