ZB Financial Holdings Limited has appointed Shepherd Fungura as the newGroup Chief Executive Officer of ZB with effect from 1 August 2021.
Fungura who was working with Raknok Enterprises (Pvt) Limited where he was the Chief Executive Officer since May 2021 till the time of his new appointment had a history in the financial services industry which saw him rise to become the Managing Director of Old Mutual Insurance Company (OMIC), a position he held from May
2019 to April 2021.
Fungura is expected to take the finance giant to soaring heights after it recorded a 45% decline in its profit-after-tax (PAT) to $1,06 billion in 2020, owing to a decline in total income as the economy contracted last year.
The decline in PAT in the group’s inflation-adjusted financial results for 2020 was from a 2019 comparative of $1,93 billion.
According to the World Bank and International Monetary Fund, the economy contracted by 8% last year owing to continued macroeconomic challenges and the effects of COVID-19 and the finance giant was not spared.