Meikles Limited in boardroom succession war

Source: Meikles Limited in boardroom succession war – NewsDay Zimbabwe March 24, 2017

A BOARDROOM succession war has erupted at Meikles Limited amid revelations that executive chairman, John Moxon’s wife was allegedly interfering with the board and management.

BY BUSINESS REPORTER

This has miffed some directors, who felt their powers were being usurped, insiders have said.

Information obtained on Monday showed that Jean Wessels-Moxon was becoming influential, despite her not holding any position in the Zimbabwe Stock Exchange listed concern.

“Wessels-Moxon has become so powerful in the group than the board, which is supposed to oversee the operations of the management,” a source said.

“This is against good corporate governance practices because she is just the wife to the executive chairman.”

Her interferences, the source said, have led to the exit of some key staffers from the group.

Some key executives that left the group include Onias Makamba, who held the position of group finance director, Mark Wood (former group executive) and Roy Meiring, who was managing director for Meikles Hotel.

Bulawayo South legislator and shareholder Eddie Cross said while he had not heard about the developments at the group, he was not surprised.

“I am not surprised, she is a strong woman,” Cross said. “They [Meikles] have not been behaving in the interest of the shareholders in the past three or four years.”

The boardroom war comes as the company has announced plans to delist from the bourse.

In a recent cautionary statement, Meikles Limited said it was in discussions over the possible delisting from the Zimbabwe Stock Exchange.

Meikles has interests in stores (incorporating departmental stores and wholesaling), supermarkets, agriculture, hospitality, financial services and security services.

Moxon told NewsDay yesterday: “That’s laughable. It’s rubbish.”

Wessels-Moxon on Monday said she was not interfering with the board, as she was not a board member.

She said her efforts were being put in Meikles Foundation, where she is a trustee at the organisation, which has helped disadvantage communities.

In his statement accompanying Meikles financial results for the year ended March 31 2016, Moxon said major achievements made by Meikles Foundation last year was the partnership with TM Pick n Pay in its annual golf day, which raised funds for Island Hospice and Healthcare, Zororai Old Age Home in Mutare and Animal Welfare.

“The Foundation continues to work jointly with international community, several corporates, charities and like-minded individuals,” he said.