Illovo Sugar Malawi Plc appoints Kondwani Msimuko as interim Managing Director effective January 1

Kondwani Msimuko

* During his tenure as finance director, Msimuko has developed a deep understanding of the business and its people

* His expertise in risk management and accounting — combined with his leadership skills — has been instrumental in navigating the company through a dynamic environment

* The process to appoint a permanent Managing Director is well underway as the role has been advertised—Illovo Sugar Malawi Board

By Duncan Mlanjira

Following the appointment of Lekani Katandula as the next chief financial officer for UK-based ABF Sugar, the Board of Illovo Sugar Malawi Plc has appointed Finance Director, Kondwani Msimuko as interim Managing Director (MD) effective January 1, 2025.

The outgoing MD, Katandula is heading to the headquarters of the ABF Sugar in the UK, that serves as the central office for the global sugar division of Associated British Foods, the majority shareholder of Illovo Sugar Malawi.

In a statement published today, the company’s Board chairperson, Jimmy Lipunga indicates that Msimuko has been with Illovo Sugar Malawi since September 1, 2021 serving as finance director and during his tenure “he has developed a deep understanding of the business and its people”.

“His expertise in risk management and accounting — combined with his leadership skills — has been instrumental in navigating the company through a dynamic environment.”

The Board further attests that Msimuko experience and commitment to Illovo Sugar Malawi “makes him well-suited to provide the stability and support needed during this transition” — citing that he is a seasoned accountant with extensive experience in international financial reporting standard/international accounting standard (IFRS/IAS) COSO and COBIT framework.

“He has diverse hands-on experience in financial reporting across various industries and global entities. Additionally, he possesses leadership skills such as grooming and mentoring young professional accountants.” 

Lipunga added that before joining Illovo Sugar Malawi, Msimuko was with Deloitte as an audit partner responsible for delivering audit and assurance services in various industries.

He has held significant roles, including acting chief financial official at Opportunity International Bank of Malawi Limited and advising and training audit teams across Africa for Deloitte Africa — before being appointed as an associate director in 2018 and admitted to Deloitte Africa Partnership in 2020.

The Board says the process to appoint a permanent MD is well underway as the role has been advertised, adding: “We are fully committed to conducting a comprehensive selection process to ensure the best candidate is chosen to lead Illovo Sugar Malawi into the future.

“Illovo Sugar Malawi confident in Kondwani’s ability to lead the company effectively during this transition and looks forward to his contributions as we finalise the recruitment process.”

In a statement announcing the appointment of Katandula as the next chief financial officer, ABF Sugar hailed the outgoing MD for his “outstanding achievements and unwavering commitment to Illovo Sugar Malawi’s success”.

“Under his stewardship, Illovo Sugar Malawi has achieved significant milestones, despite the challenges posed by external economic factors and climatic events,” said the statement in October.

“His strategic vision has guided the business through turbulent times, with focus on creating a thriving community through the provision of affordable food and energy.”

At its 206th meeting held at Ryalls Hotel in Blantyre on of February 27, 2020, the Illovo Sugar Malawi Plc Board appointed Katandula as MD succeeding Mark Bainbridge.

He had been serving as human resources director having joined the company in August 2015 as financial director, a post he served until December 1, 2017.

Prior to joining Illovo, he was employed by Deloitte for 19 years, including 11 years as an assurance and advisory partner, through which he performed a range of services in wide-ranging industries in Africa (primarily Malawi) and the United Kingdom.

Lekani has also served various other positions that include as a non‐executive director at First Capital Bank (chairman of credit committee); Ethanol Company Limited (chairman of appointments & remuneration committee), and Malawi Telecommunications Limited (chairman of audit committee).

Among other roles, Katandula served as president for Institute of Chartered Accountants in Malawi as well as being the immediate past president of Malawi Confederation of Chambers of Commerce (MCCCI).

Under his leadership at MCCCI, Katandula was part of the the creation of Malawi International Arbitration Centre (MIAC) — a joint venture private company limited by guarantee incorporated by MCCI and the Malawi Law Society (MLS).

The MIAC was rubber stamped by the Malawi Supreme Court of Appeal, pronouncing in its favour, which was established to maintain a private sector-led neutral and independent facility for the resolution or settlement of commercial, investment and other disputes by way of arbitration, mediation and like processes as opposed to litigation in the Courts.

Under his stewardship as Illovo Sugar Malawi MD, Katandula enhanced the company’s corporate social responsibility (CSR) by initiating the moto; ‘Creating a Thriving Community’, which he later described it as corporate shared vision (CSV) as the fulfillment of the mandate of contributing to the development of the country.

This CSV reached out to various sectors of development that included education, health, agriculture as well as responding to several climatic shocks the country faced in recent times such as Cyclones Ana, Gombe and Freddy.

The company also responded to CoVID-19 pandemic by providing medical equipment and supplies to Queen Elizabeth Central Hospital and the district hospitals of Chikwawa and Nkhotakota where the company’s sugar estates are situated.

It also supplied medical equipment and supplies towards the response to the fight against this year’s cholera outbreak, as well as reaching out to its customers through its glamorous marketing activations of ‘Iponyereni Kwakuya’ promotions, which gave out very lucrative prizes in thanking customers for believing in Illovo Sugar Malawi products.

Katandula is a Chartered Accountant (Fellow of ACCA and member of ICAM), a CFA Charter holder, a Certified Information Systems Auditor (CISA), a graduate of the University of Malawi (Bachelor of Accountancy) and graduate with an MBA from the University of Bradford (UK).