The executives leaving have been identified as group CEO, Doug Munatsi, Beki Moyo, group CFO and Francis Dzanya, group COO.
This comes after the acquisition of BancABC by Atlas Mara Co-Nvest Ltd’s (Atlas Mara) in August.
“Beki, Francis and I have decided that, following the completion of Atlas Mara’s acquisition and the recent closing of Atlas Mara’s mandatory offer, it is an opportune time to leave the group,” said Munatsi.
“We are particularly confident in BancABC’s future knowing that the majority shareholder has access to capital, expertise and experience to continue to grow the institution.”
Munatsi, Moyo and Dzanya received a total of 1,743,888 Atlas Mara shares in consideration of the transfer of their shares in parent company, ABC Holdings at the time of completion of the BancABC acquisition.
Atlas Mara has agreed to purchase these shares at a price of 10 dollars per share, which will be held in treasury.
Atlas Mara, in consultation with the board of directors of BancABC, has decided that the new team led by Simbarashe Ronald Pfende as CEO, Makhosi Boyede and Amelia Reynecke as co-COOs and Christine Bronkhorst as CFO.
Other executives reported to be stepping down include Howard Buttery, chairman of the board of directors of BancABC and fellow director, Ngoni Kudenga. John Vitalo, CEO of Atlas Mara, has been appointed as interim chairman.