TIMES Printpak Zambia Limited Managing Director Godfrey Malama’s contract which expires in October this year, will not be renewed.
In Mr Malama’s absence, the Board has appointed deputy Managing Director Chishimba Chishimba to act while the Board embarks on the recruitment of a new managing director.
Board chairperson Michael Musonda said Mr Malama’s contract which expires on October 20, 2014 will not be renewed and that he has since proceeded on leave.
Mr Musonda said the decisions were arrived at during a board meeting held on Tuesday this week.
“The Board of directors of Times Printpak Zambia Limited wishes to announce that at its meeting held on the 26th of August, 2014, the board in accordance with the liberty available to the company against
having the employment contract of Mr Godfrey Malama, the company managing director renewed when the same terminates by effluxion of time on October 20, 2014.
“The board further resolved that pending the expiry of his contract as afore-stated, Mr Malama shall immediately proceed on leave,” Mr Musonda said in a statement.
The board expressed gratitude to Mr Malama for his invaluable service and contribution to the company over the three year duration of his contract.
“For the removal of any doubt, under Mr Malama’s watch, the company recorded significant milestones which included clearing up a seven-year backlog of unaudited accounts or financial statements,
formulating the company’s current strategic plan, the credit policy, the Board charter as well as the company’s internal audit and operational manuals,” he added.
Mr Musonda also said it was during Mr Malama’s watch that the company had managed to pay off a significant portion of a debilitating and crippling K12 billion bank loan.
He said the board took the view that the time was right for the company’s managing director’s baton to be passed on to another person who would be expected to give the company some fresh perspective, impetus and heightened momentum.
Times of Zambia