Source: Innscor entry into Tanganda triggers board changes, CEO exit – herald
Nelson Gahadza and Tapiwanashe Mangwiro
TANGANDA Tea Company Limited has entered a new chapter following sweeping board and executive changes, headlined by the departure of long-serving chairman Mr Herbert Nkala after nearly three decades at the helm.
Mr Nkala stepped down at the conclusion of the company’s annual general meeting in Harare this morning, drawing the curtain on a 29-year tenure that included five years at the helm of the board.
“The shareholders, the board and management express their sincere appreciation to Mr Herbert Nkala for his distinguished service spanning 29 years on the board, including his tenure as chairman over the past five years,” the company said.
His exit comes amid a broader restructuring exercise at the tea producer, coinciding with a shift in shareholding after the entry of new strategic investor Rutanhi Investments, an Innscor Africa business unit.
Board changes extended beyond the chairmanship, with non-executive director Mr Simon James Hammond retiring by rotation and opting not to seek re-election, while non-executive director Mr Livingstone Gwata also stepped down.
The resolutions relating to these departures were tabled individually before shareholders, in line with corporate governance requirements.
The developments signal a decisive transition phase for Tanganda, as it aligns governance structures with evolving ownership dynamics and prepares for a new growth trajectory under fresh capital backing.
The shakeup also touched the executive suite, where developments have taken an unexpected turn. Chief executive officer Ms Sharon Nyasha Kodzanai, who was only appointed in January 2026, also retired at the meeting, marking a notably brief tenure at the helm.
Ms Kodzanai had assumed the role on January 12, taking over from long-serving chief executive Mr Timothy James Graham Fennell, who stepped down after 15 years.
Her appointment had initially been framed as a strategic internal succession, given her 20-year track record within the group and her prior role as company secretary.
However, her early exit, which the company said it will formally announce, underscores the depth of change currently underway at Tanganda and suggests a rapid recalibration of leadership following shifts in ownership and strategy.
Mrs Kodzanai’s appointment had come at a particularly challenging time for the business. Tanganda reported revenue of US$19,2 million for the year ended September 30, 2025, down from US$25,8 million in the previous year, weighed down by adverse weather conditions and weak demand in formal retail channels.
The beverage segment had been especially affected in the first half, although volumes improved later in the year following exchange rate policy adjustments. Even so, the company’s financial performance highlighted the urgency of capital injection and operational restructuring.
That process has been anchored by an US$8 million rights issue, which has fundamentally reshaped Tanganda’s shareholder base and introduced Innscor Africa as a significant investor.
Innscor participated in the capital raise through its subsidiary, Rutanhi Investments, which underwrote the offer and agreed to take up any shares not subscribed for by other shareholders. Following completion of the transaction, Rutanhi subscribed for 54 percent of the new shares, resulting in a 27 percent equity stake in Tanganda.
The move effectively positions Innscor as a key shareholder with considerable influence over the company’s future direction. In a statement, Innscor highlighted the broader strategic rationale behind the investment.
“This investment will add considerable value to the Tanganda entity and its shareholders, whilst also contributing to the continued development of Zimbabwe’s agricultural sector, and ensuring the long-term preservation and sustainable growth of one of Zimbabwe’s most iconic brands,” the company said.
The convergence of boardroom exits, a short-lived executive tenure, and a new strategic shareholder for Tanganda, marks a decisive inflection point. The challenge now lies in translating these structural shifts into tangible operational gains.
With a strengthened balance sheet and backing from one of Zimbabwe’s largest conglomerates, the company is expected to focus on improving efficiencies, stabilising output, and expanding its presence in both domestic and export markets, particularly in tea and macadamia.
Tanganda also confirmed directors’ fees amounting to US$178 400 for the year ended September 30, 2025.
The post Innscor entry into Tanganda triggers board changes, CEO exit appeared first on Zimbabwe Situation.