Sata appoints Mungomba as ZCCM-IH Executive Chairman when th

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Sata appoints Mungomba as ZCCM-IH Executive Chairman when there is already a CEO
June 16, 2012 | Filed under: Breaking News | Posted by: editor

In line with the PF chaotic and tribal way of running government, president Michael Sata has appointed Willa Mungomba as executive Chairman of ZCCM Investments Holdings Plc (ZCCM-IH).

The appointment of Mungomba as executive chairman has effectively supplanted the substantive Chief Executive Officer (CEO), Mukela Muyunda.

As executive Chairman, Mungomba has powers and the mandate of the Chief Executive. It means he has a monthly Salary and oversees day to day operations of the public company.

Sources at the ZCCM-IH say substantive Chief Executive Officer Mukela Muyunda has not been specifically fired but that company operations are now handled by Mungmba who is chairman of the board of directors and CEO.

Muyunda still goes to work though.

In organised companies, there is either an executive chairman who is also the chief executive but no other chief executive.

Or, there is a non-executive chairman of the board whose Chairman’s duties are typically limited to matters directly related to the board, such as Chairing the meetings of the board, Organizing and coordinating the board’s activities, such as by setting its annual agenda; Reviewing and evaluating the performance of the CEO and the other board members.

Mung’omba was appointed as Executive Chairman immediately Sata became president but he took up the appointment this year.

According toinformation made public, ZCCM Investments Holdings Plc (ZCCM-IH) is an investments holdings company which is quoted on the Lusaka ,London, and Euronext Stock Exchanges, and has the majority of its investments held in the copper mining sector of Zambia. The Company’s shareholders are the Government of the Republic of Zambia (GRZ) with 87.6% shareholding and private equity holders with 12.4%. Minority shareholders are spread throughout the world in various locations.

ZCCM-IH is a successor company to Zambia Consolidated Copper Mines Limited (ZCCM Ltd).Prior to privatization in 2000, ZCCM Ltd was a consolidated copper mining conglomerate majority owned by the GRZ. Put in other words, until 31 March 2000, ZCCM Ltd was a 60.3% state-owned mine operating company in which Zambia Copper Investments Ltd (ZCI), an associate company of Anglo American Plc, held 27.3% of shares with the balance of 12.4% of shares held by private investors.

ZCCM-IH has the following shareholding interests*:

-Ndola Lime Company Limited 100.0%

-Maamba Collieries Limited 35.0%

-Konkola Copper Mines Plc 20.6%

-Kansanshi Mines Plc 20.0%

-Copperbelt Energy Corporation Plc 20.0%

-CNMC Luanshya Copper Mines Plc 20.0%

-Konnoco Zambia Ltd 20.0%

- NFC Africa Mining Plc 15.0%

-Chibuluma Mines Plc 15.0%

-Chambishi Metals Plc 10.0%

-Mopani Copper Mines Plc 10.0%

-Albidon Limited (Munali Nickel Project) 0.97%